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India second most preferred nation in textiles
By agencies
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Monday, 24 October 2005, 19:30 IST
NEW DELHI: A CII study has said that India has become the second most preferred alternative after China in textiles and emerged as a "one-stop shop" for retailers and apparel companies looking for a reliable destination for their sourcing solutions.
After the dismantling of textile quotas from April this year, India and Chinas hold over global textile market is 14 percent and 9 percent in the U.S. and European markets respectively and is expected to be major gainer of safeguards on China with India soon leading the race, the study by CII-KSA Technopak said.
The study said India had several advantages over China due to easy availability of raw material, spinning, weaving and garmenting capabilities.
The study also said though China has a growing domestic market consuming over seven percent of the total textile production, Chinese buyers are however not keen on making China a one-stop sourcing destination for textiles due to the uncertainties arising out of the safeguards, quotas and revaluation of Yuan.
India still needs to improve on the economic and infrastructure fronts, the study said adding India still has to improve its labor laws, develop world-class infrastructure and build international scale of operations.