India can capture the space vacated by China in the international textile market by focusing on manmade fibers, feel experts. Synthetic textiles made from manmade fiber account for 70 per cent of the world textile supply. Contrary to global trend, cotton still commands more than 50 per cent of India’s textile production.
Given the scale of exports from China, even a one per cent shift means a 10 per cent increase in India’s exports. However, there is a need to go in for innovation in fabrics, integrate the value chain and invest in skill development to boost textile exports from the country. Hastening of negotiations with regard to free trade agreements with EU and Canada and labor law reforms and logistics improvements are essential for the growth of the textile sector.
Textile exports from India increased by 18 per cent in February-April 2017 after having remained stagnant for three years. Under-investment in the sector is the biggest challenge for India. It has resulted in a weaker value chain driving foreign buyers to other countries. Speed, innovation and digitization hold the key to India's success.
India is already is reeling under a huge competitive disadvantage in the international textile market when it comes to manmade fiber based textile products. Competitors like China, Vietnam and Bangladesh are ahead in global exports of manmade fiber textiles.
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