Organizational Structure Running A Successful Business
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HS 6105 Men's Shirts India Trade Analysis
1. SUGGESTIONS ON INDIAâS EXPORT STRATEGY
OF MENâS AND BOYâS SHIRTS (HS CODE 6105)
TO USA
Devansh Doshi 16A
Manasi Jain 23A
Vidooshi Joshi 55A
ITOD
Guided by: Prof. Areej Aftab Siddiqui
By
2. 1
CONTENTS
Overview .......................................................................................................................................................................2
RMG Sector Worldwide............................................................................................................................................2
Indiaâs RMG sector ...................................................................................................................................................2
Highlights of global exports of Readymade Garments (RMG) .................................................................................3
Indiaâs exports of 6105 (Menâs Shirts) - Trends............................................................................................................3
Global treaties for exports of RMG (Readymade Garments) ........................................................................................3
The agreement on textiles and clothing (ATC)..........................................................................................................4
Imports of Menâs Shirts in USA....................................................................................................................................4
Export infrastructure and incentives in India for RMG .................................................................................................5
AEPCâs Vision 2015 .................................................................................................................................................5
Export Promotion Measures ......................................................................................................................................5
Major ports for export................................................................................................................................................7
Analysis of menâs shirts exports to usa .........................................................................................................................8
Strengths and Opportunities ......................................................................................................................................8
Challenges and Inefficiencies....................................................................................................................................9
Comments & Recommendations .................................................................................................................................10
Conclusion...................................................................................................................................................................11
Bibliography................................................................................................................................................................12
3. 2
OVERVIEW
RMG (READYMADE GARMENTS) SECTOR WORLDWIDE
RMGs industry is one of the most dynamic sectors of the world and is the best example of consumer driven market.
The global business has been fragmented into two categories âthe producersâ and âthe consumersâ. In recent years
USA has emerged as the largest consumer on the other side Asia has shown its dominance in global production and
export.
The countries contributing to Asiaâs production are China, India, Bangladesh and few others. The Asian countries are
facing competition among themselves with China dominating the Asian production & exports due to its advance
technology, abundance of workforce and developed infrastructure. India is the second largest producer of textile and
garments with 24% of world spindle capacity.
INDIAâS RMG SECTOR
Indiaâs textiles and clothing industry is one of the mainstays of the national economy. It is also one of the largest
contributing sectors of Indiaâs exports worldwide. The report of Working Group constituted by the Planning
commission on boosting Indiaâs manufacturing exports during 12th Five Year Plan (2012-17), envisages Indiaâs
exports of Textiles and Clothing at USD 64.11 billion by the end of March 2017. The textiles industry accounts for
14% of industrial production, which is 4% of GDP; employs 45 million people and accounts for nearly 11% share of
the countryâs total exports basket.
During the year 2012-13, Readymade Garments account for almost 39% of the total textiles exports. RMG and cotton
textiles products together contribute nearly 74% of the total textiles exports.
The Indian RMG sector is one of the largest contributing sectors of Indiaâs exports worldwide, this sector contributes
to 4% of Indiaâs GDP. The Indian RMG exports have shown a robust growth in the past decade due to removal of
quota export by the Government of India (GoI). The indian government has taken several initiatives to promote the
textile and RMG industry with special attention for SME sector which contributes to more than half of the RMG
industry.
Indiaâs textiles products, including handlooms and handicrafts, are exported to more than a hundred countries.
However, the USA and the EU, account for about two-thirds of Indiaâs textiles exports. The other major export
destinations are China, U.A.E., Sri Lanka, Saudi Arabia, Republic of Korea, Bangladesh, Turkey, Pakistan, Brazil,
Hong-Kong, Canada and Egypt etc.
In the liberalized post-quota period, India has emerged as a major sourcing destination for buyers from all over the
globe. As a measure of growing interest in the Indian textiles and clothing sector, a number of reputed houses opened
their sourcing / liaison office in India. These include Marks and Spencer, Haggar Clothing, Kellwood, Little Label,
Boules Trading Company, Castle, Alster International, Quest RMG Inc., etc. Commercially the buoyant retailers
across the world are looking for options of increasing their sourcing from the Indian markets. Indian manufacturers
are also pro-actively working towards enhancing their capacities to fulfil this increased demand.
RMG constitutes nearly 40 per cent of Indiaâs textile and clothing exports and almost 30 per cent of the Indian garment
production is for the export market.
4. 3
HIGHLIGHTS OF GLOBAL EXPORTS OF READYMADE GARMENTS (RMG)
īˇ Global exports of RMG during 2011-12 were of the order of US$ 13.07 billion, which recorded a decrease to touch
US$ 12.39 billion during 2012-13. Of this, Menâs shirts formed 2.4% contributing about US$ 2.99 million in the
year 2012-13.
īˇ During 2012-13, exports of textiles & clothing were of the order of USD 31.71 billion as against USD 33.31 billion
in 2011-12, recording a negative growth 4.82%.
īˇ USA, Arab Emirates and Panama Republic were the major importers of Menâs Shirts from India accounting for
almost 40% of exports to the amount of US$ 1.55 million in the year 2013.
INDIAâS EXPORTS OF 6105 (MENâS SHIRTS) - TRENDS
Source: DGFT
GLOBAL TREATIES FOR EXPORTS OF RMG (READYMADE GARMENTS)
For more than 40 years, developed countries, including the United States and the European Union, sought to protect
their textile and RMG sectors from developing countriesâ exports through two multilateral agreements, the Multi-
Fiber Arrangement (MFA) and the Agreement on Textiles and Clothing (ATC). Quotas on imports from more than
70 countries limited the quantities of textiles (such as cotton yarns and synthetic fabrics) and particular garments (such
as shirts and sweaters) that could enter the United States and the European Union each year. This system made it
necessary for buyers of textile and RMG products to source from countries for which quotas for particular products
were available. This spread manufacturing to an ever-increasing number of countries, instead of concentrating it where
production was cheapest.
26%
18%
8%6%
6%
36%
Major importers of Men's Shirts from India in 2013
1 U S A
2 U ARAB EMTS
3 PANAMA REPUBLIC
4 U K
5 GERMANY
143 OTHERS
5. 4
THE AGREEMENT ON TEXTILES AND CLOTHING (ATC)
ATC is a transitory regime between the MFA and the integration of trading in textiles and clothing in the multilateral
trading system. The ATC provided for a stage-wise integration process to be completed within a period of ten years
(1995-2004), divided into four stages starting with the implementation of the agreement in 1995. The product groups
from which products were to be integrated at each stage of the integration included (i) tops and yarns; (ii) fabrics; (iii)
made-up textile products; and (iv)clothing.
The ATC mandated that importing countries must integrate a specified minimum portion of their textile and garment
exports based on total volume of trade in 1990, at the start of each phase of integration. In the first stage, each country
was required to integrate 16 percent of the total volume of imports of 1990, followed by a further 17 percent at the
end of first three year and another 18 percent at the end of third stage. The fourth stage would see the final integration
of the remaining 49 percent of trade.
The expiry of the ATC on January 1, 2005, eliminated all textile and RMG quotas for members of the World Trade
Organization (WTO). Since then, buyers have been able to source from any WTO member country, subject only to
tariffs. However, U.S. tariffs on textile and RMG imports vary considerably from country to country, governed by
bilateral and regional arrangements discussed in greater detail below. The average U.S. tariff rate in 2012 was 7.9%
for textiles and 11.4% for clothing, but rates on particular products ranged as high as 32%.
According to the WTO, China was by far the worldâs largest exporter of textiles in 2013, with about a 19% global
market share at $30.94 million per month on an average. China has been a major force in textiles for decades, but its
export growth accelerated following its 2001 accession to the WTO and the expiration of the ATC. Now more than
50,000 textile mills operate in China. Chinaâs textile exports have more than quadrupled since 2000.
IMPORTS OF MENâS SHIRTS IN USA
Source: www.panjiva.com
19%
17%
10%
7%
6%
41%
Major exporters to USA of Men's Shirts (6105) in 2013
China
Vietnam
India
Indonesia
Pakistan
Others
6. 5
In USA, RMG trade is more diversified than textile trade, as many nations have been able to develop export-oriented
RMG industries on the basis of imported fabrics, without having large domestic textile production. China, Vietnam,
India, Indonesia and Pakistan ranked as the top menâs shirts exporters in December 2013. Central America, the
Caribbean, and Africa, and countries throughout Asia, including Malaysia, also export large quantities of RMG.
EXPORT INFRASTRUCTURE AND INCENTIVES IN INDIA FOR RMG
AEPCâS VISION 2015
The world RMG market was worth US$ 345 bn in 2007. The market has grown at a rate of 8% during this decade.
However, post quota the rate of growth has increased and for the last two years it has grown at a rate of 12%.
AEPC (RMG Export Promotion Council) aims at 5.3 per cent share for India in the global RMG market by 2015.
EXPORT PROMOTION MEASURES
īˇ 2% Interest Subvention Scheme on rupee export credit is available to certain specific export sectors. These are (i)
Handicrafts, (ii) Carpets, (iii) Handloom, (iv) Ready-made Garments, (v) Processed Agriculture Products, (vi)
Sports Goods and (vii) Toys. In addition Small and Medium Enterprises (SME) in all sectors enjoy this benefit.
Currently the scheme ends on 31st March, 2013. Now this scheme of 2% interest subvention to these specific sectors
will be extended by one more year, i.e., up to 31st March, 2014.
īˇ Under the Focus Product Scheme, more than 100 new products have been added from sectors including Engineering,
Textiles, Chemicals, Drugs, Pharmaceuticals, Paper, Books, Publication and Printed Material. The products will be
benefitted by 2 per cent Duty Credit. Further, the scrips issued under different schemes namely FPS, FMS, VKGUY,
SHIS, MLFPS, SFIS, AIIS, for import of goods, will now be permitted to be utilised for payment of Excise Duty
for domestic procurement, to encourage manufacturing, value addition and employment.
īˇ Technology Up gradation Fund Scheme (TUFS) to continue in 12th Plan with an investment target of Rs. 1,51,000
crore. The major focus would be on modernization of the powerloom sector. It is proposed to provide Rs. 2,400
crore in 2013-14 for the purpose.
īˇ Allocation of Rs. 50 crore to Ministry of Textile to incentivize setting up RMG Parks within the SITPs to house
RMG manufacturing units with an additional grant of up to Rs.10 crore to each Park.
īˇ A new scheme with an outlay of Rs. 500 crore called the Integrated Processing Development Scheme has been
proposed to be implemented in the 12th Plan to address the environmental concerns of the textile industry, including
improving the effluent treatment infrastructure. It is proposed to provide Rs. 50 crore in 2013-14 for the scheme.
EXCISE DUTY
It has been accepted that the readymade garment industry is in the throes of a crisis and needs a lifeline. There was a
demand to restore the âzero excise duty routeâ for cotton and manmade sector (spun yarn) at the yarn, fabric and
garment stages. Zero excise duty route, as existed prior to Budget 2011-12, has been restored on readymade garments
and made ups. The zero excise duty route will now be available in addition to the CENVAT route under which
manufactures can pay excise duty on the final product and avail of credit of duty paid on inputs.
7. 6
ZERO DUTY EXPORT PROMOTION CAPITAL GOODS (EPCG) SCHEME
FTP has two variants under this scheme, namely, Zero Duty EPCG for few sectors and 3% Duty EPCG for all sectors.
During the last announcement on 5th June, 2012, a new Post Export EPCG Scheme was announced and was notified
on 18 February, 2013 by the CBEC. Now it has been decided to harmonize Zero Duty EPCG and 3% EPCG Scheme
into one scheme which will be a Zero Duty EPCG Scheme covering all sectors. Authorization holders will have export
obligation of 6 times the duty saved amount. The export obligation has to be completed in a period of 6 years. The
period for import under the Scheme would be 18 months. Export obligation discharge by export of alternate products
as well as accounting of exports of group companies will not be allowed. The exporters who have availed benefits
under Technology Upgradation Fund Scheme (TUFS) administered by Ministry of Textiles, can also avail the benefit
of Zero duty EPCG Scheme.
INTEREST SUBVENTION SCHEME
At present, 2% interest subvention scheme is available to certain specific sectors like Handicrafts, Handlooms, Carpets,
Readymade Garments, Processed Agricultural Products, Sports Goods and Toys. The benefit of this scheme of 2%
interest subvention has been extended upto 31.03.2014.
UTILIZATION OF DUTY CREDIT SCRIP
Holder of the Duty Credit Scrips issued under Focus Market Schemes, Focus Product Scheme and Vishesh Krishi
Gramin Udyog Yojana (VKGUY) shall be entitled to avail drawback or CENVAT credit of the service tax debited in
the scrips as per Department of Revenue rules. All duty credit scrips issued under Chapter 3 can be utilized for payment
of application fee to DGFT for obtaining any authorization under Foreign Trade Policy. This benefit shall be available
only to the original duty credit scrip holders.
MARKET AND PRODUCT DIVERSIFICATION
MLFPS is being extended from 01.04.2013 to 31.03.2014 for exports to USA and EU in respect of items falling in
Chapter 61 and Chapter 62 of ITC (HS). In the recent notification from DGFT dated 27.04.2014, the 2% duty scrip
under MLFPS for RMG sector to EU and USA for exports has been extended from 01.04.2014 onwards until further
orders.
The town of Gurgaon (Haryana) has been added to the existing list of towns of export excellence for RMG exports.
Norway has been added under Focus Market Scheme and Venezuela has been added under Special Focus Market
Scheme. Approximately, 126 new products have been added under Focus Product Scheme including some products
for textiles sector. Brunei and Yemen have been added as new markets under MLFPS. Approximately, 126 new
products have been added under Focus Product Scheme including some products for textiles sector.
INCREMENTAL EXPORTS INCENTIVISATION SCHEME
Incremental Export Incentivization Scheme was announced on 26.12.12 for the exports made during January 2013 to
March 2013. This scheme is available for exports made to USA, EU and Asia. This scheme has now been extended
for the year 2013-14. Fifty three countries of Latin America and Africa have been added with the objective to increase
Indiaâs share in these markets.
8. 7
EASE OF DOCUMENTATION AND PROCEDURAL SIMPLIFICATION
Submission of physical copies of IEC and Registration-cum-Membership Certificate (RCMC) with individual
application has been dispensed with. It has been decided to dispense with submission of hard copy of EP copy of
shipping bills in case of (a) advance authorization, (b) duty free import authorization for grant of Export Obligation
Discharge Certificate (EODC) if exports are made through EDI ports
ELECTRONIC DATA INTERCHANGE INITIATIVES
e-BRC system allows Transmission of realization of export proceeds details from banks to DGFT in electronically
secured format. The system will lead to substantial reduction of transaction cost and time.
DUTY DRAWBACKS
HS Code Item Description Unit Drawback when Cenvat
facility has not been
availed
Drawback when Cenvat
facility has been availed
Drawback
Rate
Drawback cap
per unit in Rs
Drawback
Rate
Drawback
cap per unit
in Rs
610501 Of Cotton Piece 7.60% 49.2 1.70% 11
610503 Of Man Made Fibres Piece 8.90% 51.3 2.20% 12.7
610504 Of Silk (other than
containing Noil silk)
Piece 10.20% 53.4 2.60% 13.6
610506 Of Wool Piece 7.80% 82.5 4.00% 42.3
610507 Of Blend containing Wool
and Man Made Fibre
Piece 8.90% 53 2.20% 13.1
610508 Of Cotton containing 1% or
more by weight of
spandex/lycra/ elastane
Piece 7.90% 52.9 1.80% 12.1
610599 Of Others Piece 7.60% 31.5 1.70% 7
Duties on Cotton and Manmade fibers have been reduced in the new duty drawback rates announced by Central
Board of Excise & Customs.
MAJOR PORTS FOR EXPORT
India exports RMG from more than 110 ports like JNPT, Bombay Air and Sea, Chennai Air & Sea, Delhi IGI Air,
Delhi Tughlakhabad ICD, Delhi Patparganj, Kolkata Air and Sea, Bangalore Air and many more.
Of these, major ports exporting Menâs Shirts (Knitted or Crocheted) are Delhi TKD ICD, JNPT, Madras Sea,
Tuticorin ICD and Delhi PPG ICD.
9. 8
GARMENTS CLUSTERS IN INDIA
Under PPP and other initiatives taken by Ministry of Micro Small and Medium Enterprises, India has the following
clusters for Readymade garments. Here we notice that although the major porducers of cotton are Maharashtra, Gujarat,
Punjab and Andhra Pradesh. However, the presence of readymade garment clusters are not present in these areas.
Sr.No. State District Location
1 Andhra Pradesh Anantpur Rayadurg
2 Delhi South & North east Okhla & Shahdara
3 Gujarat Ahmedabad Ahmedabad
4 Haryana Gurgaon Gurgaon
5 Karnataka Bangalore Bangalore
6 Maharashtra Mumbai Mumbai
7 Maharashtra Nagpur Butibori
8 Maharashtra Pune Pune
9 Madhya Pradesh Indore Indore
10 Madhya Pradesh Jabalpur Jabalpur
11 Tamil Nadu Madurai Madurai
12 Tamil Nadu Salem Salem
13 West Bengal Kolkata Metiaburuj
ANALYSIS OF MENâS SHIRTS EXPORTS TO USA
In 2008, Garment industry accounted for 43% of Indiaâs total T&C export earnings with exports worth US $ 9.7 billion.
USA was the second largest export market for Indian garments, accounting for 28% of Indiaâs total garment export
value. EU27 was the major export market for Indian garments accounting for 47% of the export value. UK used to be
the key export destination in EU27 accounting for 12.3% of Indiaâs total garment export value. Japan accounted for
only 1% of Indiaâs total garment export value.
The slowdown in garment exports from India started in the mid-2008 when retail orders from advanced economies in
North America and Europe began to feel the pinch of the most devastating economic meltdown worldwide causing a
widespread of unemployment and altering consumer spending behaviour. Exports of readymade garments from India
tumbled 6.59 per cent in September over the same period last year as a direct consequence of global economic
slowdown.
STRENGTHS AND OPPORTUNITIES
After a couple of years of challenging times, the readymade garments industry has reasons to cheer now, due to the
following reasons:
10. 9
īˇ Demand has revived both in the overseas and domestic markets giving a fillip to garment production and exports
during the last eight months.
īˇ Revival of the U.S. and the European Union markets
īˇ Rupee depreciation
īˇ Higher production cost in China. During the last two years Chinese labour and production costs have increased
multi-fold. Indiaâs labour costs are also going up, but they are still not as high as Chinaâs.
īˇ Bangladesh still enjoys a price advantage over compared to India. However, recent incidents such as the collapse
of the building that housed a garment factory have turned the focus on statutory issues. Several international buyers
are now looking at suppliers in other countries and India, Vietnam, Cambodia and Indonesia are benefiting.
īˇ Domestic availability of the raw materials â cotton and yarn (India is the second largest producer of cotton in th
world) â is an advantage.
īˇ Almost 80 to 90 per cent of the textile processing sector has taken measures for the pollution problems. The
Government is supporting value addition and vertical integration of production facilities.
īˇ Support from Government in terms of incentives and duty scrips for exporters of Readymade Garments.
CHALLENGES AND INEFFICIENCIES
Current issues are arising because of the economic slowdown resulting in decline of demand in the global markets and
secondly the liquidity crisis. Other issues which are affecting the long term growth of the industry are as follows:
īˇ The global scenario today is pushing manufacturing cost perpetually upward and no sourcing destination is immune
to the changes.
īˇ Majority of T&C manufacturers reported to have an order book status of 15 days to a month.
īˇ There has been on an average one year backlog in the disbursement of interest compensation resulting in
compounding of the current working capital problems of the industry. Thus, Delay in disbursement of TUFS
(Technology Upgradation Fund scheme) assistance has been a deterrent, though TUFS has supported modernization
and expansion in T&C industry.
īˇ Intensifying competition and Increase in raw material cost in light of diminishing demand resulted in increase in
working capital requirement for cotton procurement, thus, a hike in cotton prices, resulting in a significant increase
in the cost of various textile products.
īˇ Unlike China, polyester prices in India are higher than cotton prices, which is one of the reasons for the preference
in consumption of cotton.
īˇ Anomaly in excise duty and import duty structure of manmade fibres/filaments is adversely affecting the domestic
consumption. The taxes and duties charged by the State Government and the local bodies are not refunded to the
T&C manufacturers and exporters.
īˇ As compared to China, Bangladesh, Vietnam, and Sri Lanka, Indian T&C products lacks by cost competitiveness.
īˇ High working capital has been observed causing India to lose its competitiveness
īˇ Poor market diversification concept.
īˇ There is a lack of skilled labour availability.
īˇ Indian T&C industry is highly dependent on US and EU markets.
11. 10
īˇ Transaction costs including documentary procedures are troublesome to the exporters.
īˇ India, amongst the key competing countries, rank highest on the âDifficulty of Firing indexâ and also ranks high on
âRigidity of Employment indexâ on account of stringent labour laws.
īˇ Lack of focused approach by the policy makers.
īˇ Lack of power as the most severe business constraint to the majority of the domestic manufacturers ranked, thus
severely interrupted the smooth flow of chain.
COMMENTS & RECOMMENDATIONS
īˇ Expenditure and fiscal discipline has been maintained, but there is a need to provide a short-term or long-term
roadmap for the growth of labour-intensive RMG industry.
īˇ Union Budget 2012-13 provided nothing for the textiles exporters for their sustenance and development.
īˇ The funds allocation needs to be increased under the Technology Upgradation Fund (TUF) scheme.
īˇ Existing support measures available to textile garments manufacturers and traders for attending, showcasing and
publicizing Indian textile and garments at the international trade fares and exhibitions needs to be strengthened.
īˇ Regulatory function of the concerned government Ministries, Departments, State Government need to be focused
on controlling raw material exports with a view to ensure stable yarn prices in the country and to make the sector
more competitive and productive. Also, import duty on cotton yarn be reduced from 12% and that export incentive
for export of cotton yarn be removed.
īˇ Internal transportation costs from one state to another sometimes costs more than sending the cotton yarn outside
the country. Hence, transportation infrastructure needs to be improved in order to reduce input costs for Garment
manufacturers and increase the competitiveness of Indiaâs exports.
īˇ Skill development scheme: The proposals in Budget 2010-11 included launch of an extensive skill-development
programme in the textile and garment sector, and a one-time grant of Rs 200 crore to the Government of Tamil
Nadu for the installation of a zero liquid discharge system at Tirupur, to sustain its textile cluster for knitwear. By
incentivizing training through an outcome-based approach the resources of the private sector should also be
harnessed. Through these instruments around 30 lakh persons were to be trained over 5 years.
īˇ Cluster Development Schemes: Additional interest subvention can be provided for building manufacturing units
around textile industry clusters such as Punjab and Gujarat.
īˇ Cost competitiveness of the sector need to be addressed by the Government, as the higher prices of petrol and diesel
are having an impact on the overall costs.
īˇ As the current refund mechanisms are cumbersome, so there is a need of exemption of service tax on export-related
services which in the best interest of the Indian exporters.
īˇ High labour cost is faced by other countries too. Only by scaling up production capacities Indian manufacturers can
cater to high volume orders. Since production costs will go up in India too over a period of time, the manufacturers
will have to improve efficiency and productivity levels to control costs. This has to be done by vertical integration.
īˇ RMG exporters should also strategically focus on the product segment where they can offer competitive prices
compared to Bangladesh or Vietnam. The countryâs textile industry base is comparatively larger but the fabric
sector needs to be strengthened to add to the competitiveness of the garment units.
īˇ Credit ratings of importers from USA should be promoted. This would allow exporters to avail ECGCâs short term
pre-shipment and post-shipment export finance causing lower premium and faster clearances.
12. 11
īˇ Promotion of SMEs â Redefining MSMEs with a focus on trade would go a long way to boost Indiaâs exports not
only in Garments sector but also overall. We suggest the following approach towards redefining the basis for
establishing MSMEs.
Type Micro Small Medium
Employees Capital
(in Rupees)
Employees Capital
(in Rupees)
Employees Capital
(in Rupees)
Production < 25 <50 lakhs 25-200 50 lakhs to 5
crores
201-350 5 crores to
10 crores
Service <20 <40 lakhs 21-150 40 lakhs to 4
crores
151-300 4 crores to 8
crores
Trade <20 < 40 lakhs 21-40 40 lakhs to
3 crores
41-100 3 crores to
7crores
CONCLUSION
It emerges from the above that Indian readymade garments (including menâs and boyâs shirts) industry is a mix of
issues and prospects and contributes 40% to the total exports of T&C sector. Collectively, this sector is also the second
largest employer after the agriculture. The export earnings from the garments industry were estimated to increase to
US $ 17 billion in 2013. Indiaâs strength lies in its low cost skilled and unskilled labour, creative skills, variety, value
addition, and the flexibility of operations, thus leading to the greater global market access.
The global RMG industry is at a crossroad today with both the retailer and manufacturer looking at new options to
stay competitive while meeting evolving needs of fashion on one hand and increasing consumer demand on the other
hand. The fact that the industry has passed through a slowdown phase has made the things worse.
Most of the garment exporters or their trade bodies are expecting fiscal relief or reform in the coming financial budget
as the new Government will take over. Also, Indian players are confident about their potential and are hoping that the
improper mix of politics and economics and with the impact of on-going economic slowdown does not create disaster
on the performance of the garments industry. This requires certain positive steps towards the sustained growth and
development from the new Government and Trade Policy.
13. 12
BIBLIOGRAPHY
īˇ Ministry of Textiles, Government of India
īˇ www.infodriveindia.com
īˇ www.bharattextile.com
īˇ www.panjiva.com
īˇ World Economic Forum
īˇ Economic Times (http://articles.economictimes.indiatimes.com/2012-10-10/news/34363404_1_apparel-exports-
textile-and-apparel-cent-of-world-trade)
īˇ The Hindu (http://www.thehindu.com/business/Industry/stitching-a-new-story/article5460161.ece)
īˇ Working paper no. 94 export competitiveness of Indian Textile and Garment Industry by Samar Verma
(http://www.icrier.org/pdf/wp%2094.pdf)
īˇ International Journal of Business and Management
īˇ AEPC (Apparel Export Promotion Council) India
īˇ The Textile Industry Report by Dun & Bradstreet
īˇ DGFT (Directorate General of Foreign Trade)