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In textile sector good news for India is that due to rising labour costs, China is gradually losing its competitive edge.
For several years, India has enjoyed the position of being the second largest producer exporter of textiles in the world largest being China. The good news for India is that due to rising labour costs, China is gradually losing its competitive edge. Other factors contributing to the downfall of China’s textile exports include appreciating currency value, rising material & energy costs and a high focus on the domestic market. The decline in China’s market share in textiles provides an opportunity for India to excel in this sector.The Technology Upgradation Fund Scheme is anticipated to render a growth of 11.5 percent in cloth production, 15 percent in value exports and an additional employment of almost 15.81 million workers.
Vision Document projects Indian textile and apparel exports to grow from $39 billion to $300 billion by 2025.
India is the world’s second - largest textile producer after China. It has a large raw material base and Capable of producing a wide variety of textiles and end products. India has one of the most cost competitive textile manufacturing base for all types of products across the entire value chain. Labour cost in India is lower than most of the competing countries except Bangladesh, Ethiopia and Kenya. Although power cost is on the higher side but still cheaper than China and Cambodia. Buyers look at India as the next alternative of China as it offers big domestic market, better adherence to compliance and political stability. Government of India, National Textile Policy, vision Document projects Indian textile and apparel exports to grow from $39 billion to $300 billion by 2025.
Textile industry in india provide 21 percent employment (105 million – second largestemployment provider next to agriculture)
The Economic Survey 2015-16 has stated that India has emerged as the fastest growing economy among other economies. India has become a dream market for most marketers across many products segments. In textiles and apparel specifically, domestic consumption has grown at over 13 percent per annum over the last five years, fuelled by the demographic advantages of India’s population, increasing urbanization, growing disposable income and higher marked penetration of organized retail. India’s export of textiles and apparel has also grown at over 11 percent in the last five years. The Ministry of Textiles is in the process of redrafting the new Textile Policy 2016 which is likely to offer impetus to the Industry to grow further.
The dairy industry outlook is promising with Indian dairy consumption expected to surpass production by 2021. The dairy industry in value terms is growing at a healthy rate of 15% year-on-year. The organised sector is expected to grow at a CAGR of 19.5 % during 2015-2020 as against 13.2% for the unorganised sector during the same period.
India is a leading exporter of rice, accounting for close to 25% of the global rice trade. According to All India Rice Exporters Association (AIREA), India exported about 11.9 million tons of rice (basmati and non-basmati) in FY15, an increase of 9.4% from about 10.9 million tons during FY14.
Large vacuum to be addressed in air conditioner ownership, with only estimated around 5% penetration
After enjoying a huge market share in air-conditioning (AC) and refrigeration segment,Blue Star has now forayed into water purifier business, says B Thiagarajan, Joint MD of the company. Company will offer residential water purifiers for the first 6 months, and eventually enter commercial water purifier. Thiagarajan added that residential water purifier markets is worth Rs 4,200 crore and he aims for Blue Star to enjoy market share of 15 percent. Growing at a compound annual growth rate (CAGR), almost 8 million units of water purifier are sold every year, in which electric purifiers form 70 percent of the total unit.
Mobile data traffic in the country is expected to grow the fastest globally at 15 times by 2021, according to a report. The country also grew the most in terms of net additions in mobile subscriptions during the March quarter at over 21 million, followed by Myanmar and Indonesia with 5 million net additions each and US and Pakistan with over 3 million net additions each, the Ericsson Mobility Report said. Between 2015 and 2021, the number of IoT connected devices is expected to grow 23 percent annually, of which cellular IoT is forecast to have the highest growth rate. Of the 28 billion total devices that will be connected by 2021, close to 16 billion will be IoT devices, the report said.