Gurugram : Progressive Federation of Trade and Industry (PFTI) chairman Deepak Maini said that a big opportunity has arisen for the Indian garment and textile industry amid the deepening garment industry crisis in Bangladesh. In the last seven months, more than 140 garment factories have been closed in Bangladesh and more than one lakh workers have become unemployed, due to which a big gap has been created in the international market. Indian garment and textile exporters should take full advantage of this opportunity. Due to the slowdown in Bangladesh’s garment sector, there has been a decrease in the export of readymade garments and textiles in Europe, America and other global markets, which can be filled rapidly by the Indian industry.
PFTI chairman said that the garment industry of Bangladesh is not getting support from the internal government. Due to which the entrepreneurs of this sector are disappointed and disheartened and one after the other government manufacturing units are being closed. Bangladesh has been a big competitor of India in the field of readymade garments. The kind of environment that is prevailing in Bangladesh at this time is a big opportunity for India which should be taken advantage of. If we talk about the present, the garment exports done by Bangladesh to America have fallen by 6 to 7 billion dollars. On the other hand, India’s garment exports have jumped to 4.4 billion dollars during the crisis in Bangladesh.
The Progressive Federation suggests to the Indian government that the government should implement special incentive schemes to fill the gap of Bangladesh in the global market. So that Indian companies can rapidly increase their share in the global market. To leave Bangladesh behind, a favorable policy should be made for new investment and production expansion in India. Indian garment exporters need ease in government process and logistics improvement. So that orders can be completed quickly. Branding is required to attract foreign buyers. Indian textile and garment industry will have to strengthen its presence at the international level. Customers shifting from Bangladesh will have to be attracted to India.
84% of the foreign exchange import of Bangladesh’s economy used to come from ready made garment and textile industry, but now this sector is in crisis. According to recent reports, 20% of orders from Bangladesh have already shifted to India, Vietnam, Sri Lanka, Indonesia and Pakistan. Deepak Maini said that if India uses this opportunity with the right strategy, it will not only be an opportunity to increase our exports but can also generate lakhs of new jobs in the textile industry.
Key points…
– Bangladesh is one of the largest garment exporting countries in the world, exporting readymade garments worth about $ 40 billion annually
– India’s annual export is about $ 16-18 billion
Crisis for them too…
Indian brands Kolkata Bazaar, Now and Prakriti do their work in Bangladesh. Similarly, Sweden’s H&M, Spain’s Zara, American clothing company Nike and Ireland’s readymade garments retail company Primark do their business in Bangladesh. The current situation in Bangladesh is not good for them either.