After reading the news, nothing better than this popped up in my mind for title. After the abolition of quota system in garments import, India has become the new favorite of American buyers. I am quoting from the report published in The Financial Express:
“With textile exports set to grow 25% in 2006-07, India is emerging as a hotspot for sourcing textiles and apparel in the post-quota period. Increased number of buyers are visiting India for direct sourcing, while more vendors are going abroad for direct selling.
“Indian textile exports are doing well, though still behind China. We hope to keep growing at 25% this fiscal,” a textile ministry official told FE.”
Indian garments producers have a strong presence in European Union and United States. Now, the big manufacturers and producers of India are targeting the market of their home country. Due to the rise in industrialization and flourishing of the service sector, many new jobs have been created and the financial condition of people, especially the middle class has changed a lot. Like, the Western countries, India is also becoming an attractive market for garments producers. For example, House of Pearl Fashions (HPF) is now planning to increase their production from 21 million to 32 million and spend Rs. 400 crore on building retail stores in India.
Indian companies that used to produce garments for Western countries will now produce for India. The possible outcomes of this decision are – creation of new shops, more jobs for people and availability of a wide range of quality garments at a cheap price. So why they are waiting? Let’s get started!
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