Tamil Nadu announces Schemes to boost textile Industry

It was only this month that the Tamil Nadu State Government announced various schemes to boost the state’s textile industry. In fact, the Chief Minister of the State, Ms Jayalalitha also waved a green flag for the setting up of a panel which is assumed to aid integrated development of this sector.

Evolution of Garment/Textile Industry

The evolution of the textile as well as the garment industry in India, if nothing, has been quite dramatic. In fact the Indian textile industry is hugely diverse much like the nation itself.  As strong as this industry is, it derives this innate vigour from its wide range of fibres or yarns, right from the natural ones like cotton, wool, jute and silk, to the synthetic ones of the likes of polyester, nylon, acrylic and viscose. While the sector was no less than thriving under the British Rule, it was only after independence that the Indian textile industry shot up like never before. Thanks to the 5-years plans, the sector saw a steep rise, of the magnitude of 22 million in production in 1982, just double of what it was in 1951. It further registered an increase and went up to 26 million, by the end of the year 1989.

Recent Challenges Faced By Indian Textile Mills & Drop in Yarn Export

The textile industry of India contributes a whopping 12% to the nation’s forex earnings! However, the economic slowdown in the global market has had its adverse effects on the Indian Textile Industry, in addition to the various other verticals. While the overall textile and garment exports of the country rose by almost 4% in the current financial year, but it has still fallen short of the $45 billion target, pertaining to the massive decline in China’s demand with respect to cotton and yarn.

At present, the spinning mills have up to 10% material in excess capacity thereby resulting in higher inventory overheads and lower liquidity. The higher tariffs that have been imposed on products of these mills in all the major international markets, has further aggravated the issue.

How can online presence boost your business in textile industry?

Times are rapidly changing and so is the business model for every business. And textile industry is no exception. One of the major verticals where this change has brought about a whole new model of success is the online world of business. However, this change is not just a fleeting one, but is here to stay, and there are more than one reason for the same. So in case you have been hesitating till today, take a quick look at how exactly having an online presence can boost your business in textile industry.

Helps you reach global clientele

This is by far the most promising aspect of registering online presence for almost any business, more so for any vertical related to the textile industry. For the simple reason that fabrics and standardized items like home textiles can be easily purchased through the online medium as there are almost negligible chances of variations in product quality. This plays a vital role in enabling cross-border businesses, thereby enabling you to reach a larger and a more potential client base, that too without much hassle.

Five Ways to Make Profits from Your Surplus Textile Stocklot

Running a business is about closing deals, completing order and delivering the materials in order to earn profits, though an inevitable part of business is also dealing with the excess inventory. This overstock may result from a number of heads such as closeouts, changes in packaging, cancellation of orders, liquidations, bankruptcies and other unforeseeable aspects. While excess inventory creates a burden on the business owner, it also comprises of cost of storage and runs the risk of decrease in the original value of the merchandise. Moreover, the risk of the stock lot becoming outdated is always there.

However, not all is as gloomy as it sounds. There are some outstanding yet simple ways of getting rid of the excess stock, especially surplus textile. Take a look.

Outlook for Indian Textile Industry in 2015 – Business Shifting from China

For several years, India has enjoyed the position of being the second largest producer exporter of textiles in the world. According to reports, the total Indian textile industry, including domestic & exports, is expected to reach $223 billion by 2021, rising from $89 billions in 2011. Statistics reveal that the country has overtaken countries such as Italy, Germany, and Bangladesh, to emerge as the second largest textile exporter, the largest being China. The good news is that due to rising labor costs, China is gradually losing its competitive edge. There are also several other factors contributing to the downfall of China’s textile exports, such as, appreciating currency value, rising material & energy costs, and a high focus on the domestic market. The decline in China’s market share in textiles provides an opportunity for India to excel in this sector. Further, the abundant availability of raw materials, huge domestic market, improved economic conditions, and Government initiatives such as “Make In India” are some of the advantages that fuel the solid performance of the Indian textile industry for export.