LONDON--(BUSINESS WIRE)--Several recently published reports have highlighted strong growth results in the Indian textile and e-commerce industries. Details on these industries’ performance and future prospects are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to connect with over seven million companies around the globe.
Make in India campaign boosts Indian textile exports
The share of textiles and apparel in India’s total exports rose to 15% in 2015-16, thanks to the Make in India campaign. The recent Make in India Textile & Apparel Sector Achievement Report has revealed several positive effects of the campaign, which aims at turning the country into a manufacturing hub by boosting FDI and creating jobs.
Through the Make in India scheme, the Indian government has approved 100% FDI under the automatic route. This policy has helped the Indian textile industry bring huge investments in the past five years, attracting FDI worth USD 1.85 billion until March 2016. The volume of Indian textile and apparel exports is estimated to rise from the present USD 38 billion to around USD 62 billion by 2021.
Demonetization temporarily slows Indian textile industry
The demonetization of the Rs. 500 and Rs. 1000 currency notes by the government of India has had a major effect on almost all the major industries in the country. In the organized textile sector the cash crunch has affected the purchase of new yarns and fabric, and as the industry is highly labor-intensive in nature, demonetization makes it very difficult for laborers to get their wages on a day-to-day basis.
At present, a few textile units across India are considering shutting down, and several have temporarily stopped their production processes. However, textile analysts believe that the negative effect of demonetization on the Indian textile industry is temporary. Given the long-term benefits of the move, analysts are sure that the Indian textile industry will bounce back very soon.
E-commerce sales on the rise in India
Indian e-retail rose from USD 3.59 billion in 2013 to USD 5.30 billion in 2014, an increase of 48%. It is expected to continue to grow at an even higher rate of 65%, and reach USD 17.52 billion by 2018. This surge in the e-commerce industry is attributed to factors such as better infrastructure and an increase in the number of internet-ready devices.
The ASSOCHAM-Resurgent India paper predicts that there will be large-scale growth in the Indian e-commerce industry in 2017, as more and more people turn to e-shopping. It suggests that this will give rise to more entrepreneurs and more jobs in the country.
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