What are the potential challenges of the Indian textile industry in international markets
India looks for new textiles markets abroad as demand wanes in U.S., EU, says Union Secretary
- Competitive Pressure: The Indian textile industry faces intense competition from other textile-exporting countries like China, Bangladesh, and Vietnam. These countries often offer lower production costs and have established market presence.
- Trade Barriers: India encounters various trade barriers, such as high import duties, stringent quality standards, and non-tariff measures imposed by different countries. These barriers hinder market access and limit exports.
- Fluctuating Demand: Demand for textiles in traditional markets like the United States and European Union has been declining. India needs to explore new markets to sustain its textile exports and offset the decreasing demand.
- Technological Advancements: The industry needs to adopt sophisticated machinery and modern manufacturing techniques to improve productivity and maintain competitiveness in international markets. This requires significant capital investment and upskilling the labor force.
- Sustainability Concerns: Increasingly, international markets demand sustainable and environmentally-friendly textile products. Indian textile manufacturers need to align with global sustainability standards and invest in eco-friendly production practices.
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a year ago