Texfact of the Week: Indian textile exports to grow by over 20 percent
India’s textile exports might touch the USD 50 billion mark next year, fibre2fashion.com reports. With a turnover in textile exports of over USD 40 billion this year, India has emerged as the world’s second largest textile exporter behind China. Even more, 25-30 textile parks and a couple of mega clusters for the development of the industry are planned.
As india-briefing.com also reports, “India’s share of global textile trade increased by close to 18 percent in 2013 from the previous year, enabling it to capture a significant portion of the global textile market, which is estimated to have grown by 6 percent last year.” Also, the growth if 23 percent in textile exports in 2013 is even more significant when comparing it to the global textile growth rate of 4.7 percent. The Indian government attributes this growth to the diversification of the market and product base and the entry to new markets.