The Indian textile market is expected to have the prospect growth rate of 5% and it is considered as a growth driver of revenue of the developing economies like India. Indian textile market continues to be of worth more than $200 billion.
The combined money value of both the Indian and Chinese textile market is more than 700 US dollars. The overall worldwide market of the handicraft and textile market is more than 1500 US dollars.
Major market of the Indian textile industry –
The USA and European countries are the major sector of the Indian Textiles. The major reason is the increasing cost of manufacturing textile products in these continents and as well they want to deal with the countries having the opposite situation from them.
China is the largest textile market in these continents and it is lagging behind India in many prospects. After the industrialization China is becoming the hub of manufacturing houses of textiles and other handicraft products since after 1980. The major reasons are the chinese and Indian uplift in textile houses are as following –
availability of natural resources
availability of cheap manpower
believe in the more quantitative approach
availability of export houses
ready to sell items in affordable costs
China has been the undisputed leader of the textile market with more than 40% market share, but in recent years china has also seen the downward shift in its growth in the global textile and handicraft market after the 2008 economic slowdown. In 2014, China has seen the 14% growth rate in this sector which can be an opportunity for other developing economies like India.
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