India is the market of the future. The market where the next phase of development will take place. It is a huge breeding ground for profit where the nations around the world see the vast potential for growth and development. The textile market in the nation has developed slowly and gradually over the years. The industry has witnessed the setbacks and the renaissance in these 70 years. Initially a handloom and labor intensive market, textile market in India has come to a phase of advancement. The growth of textile market in India is inevitable as the resources are being explored and exploited to their optimum capacity and the premium technology is used for various textile processes.
- At present the textile market in India is valued at $150 bn.
- It is expected to reach up to $250 bn by 2025
- The initiation of the artificial intelligence and the textile machinery has assured accurate results and has made the production smoother.
- The textile market employs the largest workforce after agriculture in economy of India
- At present the workforce of 35 million is directly employed under the market and around 25 million are indirectly employed
Natural Resources for Textile Industry in India
COTTON: textile market in India is dominated by cotton. Cotton accounts for 60% of the textile market in India. Due to favorable climate and appropriate weather, the cultivation of cotton is in abundance. India is the second largest producer of cotton after China in the world. At present 31 million bales were produced in the textile market in India with the capacity of 43 million spindles.
JUTE: India is the largest producer of Jute in the world. The cultivation of jute is mostly done in the states of West Bengal and Assam. India accounts for 60% of world’s jute demands.
ARTIFICIAL FIBER: Artificial fiber is now one of the strongest components of the Textile market in India. The artificial fiber is now almost countering real fiber and has grown to be popular amongst other types of fabrics in the market at present. SILK: Silk is one of the major components in the textile market of India. The production of silk is done on large scale in Chennai, Bangalore, Assam and West Bengal. The fabric is mostly used in Sarees, Kurtis wholesalers and Shirts.
Leading Textile Sectors of Indian Textile Economy and Capital
The future of Textile industry of India is bright and ever growing as the trade and business conditions are investment friendly. The demands for different types of apparel and garments along with the new and latest pattern of home textiles is always on a rise which allows the major players from around the world to invest in India. It is predicted that around $37 billion FDI was raised in the financial year 2017-18.The major cities in India have their own strong foothold in the textile sector. The textile markets undergo a lot of changes due to regional conditions and other factors.
The textile market of Mumbai is like the shrine of the textile sector. Every type of fabric is available, the Mumbai : western wear and readymade garments are the prime components of the market. The manufacturing and trading of cloth and textile products has resulted in making Mumbai a must-go destination for textile business.
The textile market of Ahmedabad is one of the largest centers for readymade garments and ethnic wear. The demand of Ahmedabadi Kurtis and western wear is huge in the country. The market is huge and popular to the extent that the customer base consisting of native and from other states as well. The wholesalers and suppliers are in abundance in the city.
The textile market of Surat is the one where maximum manufacturing, dyeing and finishing of products takes place. The popularity of Surati sarees, dresses and Kurtis is unimaginable. The wholesaler’s paradise, Surat is like a dream come true for every manufacturer and trader as the populace of Surat is receptive towards the new and latest designs that are available in the market.
The textile market of Chennai has been identified as the one with the majority of Silk sarees and readymade garments which is evident from the fact that Chennai is the largest producer of silk in India. The sarees and textile mills in Chennai is the identity of the textile market of the region. The textile job work is done on a large scale as the machinery for the same is available and that’s a promising picture.
The textile market of Kolkata is quite prominent in the production of cotton and jute fabric and ethnic wear. The traditional saree with dhoti and the bulk trading of readymade garments have made Kolkata an integral part of the eastern India textile market.
The textile market of Coimbatore has a lot of untapped potential. The initiative by the government to build a textile park has boosted the business there. The manufacturing of readymade garments and ethnic wear are in abundance. The manufacturing of traditional and various other sarees is on a large scale in Coimbatore. Textile mills in Coimbatore are in huge numbers which thereby generates mass employment amongst the skilled and unskilled laborers.
The textile market of Ludhiana is one of the rare markets where technical textiles are manufactured in bulk. Ludhiana is the abode for textile machineries which is essential for the growth of textile industry. The machine parts and services in Ludhiana are preferred by the masses in case of the demands. The readymade garments manufacturers and suppliers are also in great numbers.
The textile market of Delhi is protean market for readymade garments and handloom products. The textile market of Delhi is opted by the neighboring states as well. Home textiles are also manufactured and supplied in magnitude which makes Delhi an unofficial leader in the textile markets of north India.
The textile market of India has significantly strong components which augment the growth of the textile industry. The trade friendly and liberal environment is conducive for the development of the textile market of India. The research suggests that India will be the global giant in the coming years due to the richness of natural resources and the availability of advanced textile machinery. At present the textile market contributed to 13% of the export market of the nation and around 5% of the total GDP.