The new Indian textile boom: 3 stocks for your watchlist
India's textile industry, 26 February was a big day, marking a significant milestone with the inauguration of the Bharat Tex Expo at Bharat Mandapam (IECC) in the national capital by Prime Minister Narendra Modi. The expo, celebrated as the world's largest textile event, attracted over 3,000 exhibitors, 3,000 buyers, and 40,000 visitors from more than 100 countries.
Prime Minister Modi urged farmers, entrepreneurs, major textile corporations, and MSMEs to aim for major advancements in the international textile market. The event saw the signing of over 50 MoUs and agreements, highlighting its grandeur and the government's clear vision for the sector.
With the global textile market valued at nearly $1 trillion, the government aims to adopt a focused and ambitious strategy to grab a significant market share. To achieve this goal, a holistic approach is necessary, one that fosters collaboration among government, industry stakeholders, and artisans.
This strategy has been named - Farm-to-foreign via fibre, fabric, and fashion. This collaborative effort is crucial in a sector known for its labour-intensive nature, where a single textile plant can generate hundreds of jobs. However, price sensitivity and competition from countries with lower labour costs, such as Bangladesh and China, pose challenges.
Despite these hurdles and the slow adoption of modern technologies and inefficiencies in the supply chain, the Indian textile industry has grown significantly, reaching about ₹12 trillion, or approximately $145 billion, today from under ₹7 trillion in 2014. The government has played a vital role in this growth through various policies, incentives, and regulations aimed at attracting investments, enhancing skill development, and
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