“India may become a more attractive destination for apparel manufacturers seeking to diversify their risks. India, which has 4% market share in the global textile sector, has the potential to capture an additional 2% of the market share in the global apparel industry, ” said J Suresh of BCG.
Indian textile entrepreneurs also anticipate increased demand for apparel exports soon. Prabhu Dhamodharan, convenor of the Indian Texpreneurs Federation in Coimbatore, told TOI that international buyers might divert 10-15% of orders to other destinations as a short-term strategy. However, for long-term growth in the Indian apparel sector, a focus on the China-plus-one strategy is necessary.
Bangladesh and Vietnam are gaining market share in garment exports due to attractive labour costs and large-scale manufacturing.
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