Connecting Wave: MANUFACTURING

Jayashankar M. Swaminathan

Chapter 6 in Indian Economic Superpower:Fiction or Future?, 2009, pp 75-77 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractA couple of years ago, as I was watching the “swoosh” of the Nike logo being printed on T-shirts at the Intimate Active Wear factory in Bangalore,a I realized that India had finally joined the global manufacturing network. In fact, textiles make up 14% of India's total industrial production, constituting 4% of its GDP and 17% of its total export earnings. Since liberalization, the Indian textiles industry has grown significantly, from USD27 billion in 2005 to USD49 billion in 2007. India currently exports textile products and handicrafts to more than 100 countries. Continuing the centuries-old tradition, Europe remains India's major export market, with a 22% market share in textiles and 43% in apparel, while the United States is the largest single buyer of Indian textiles (19% share) and apparel (32.6%). Recently, India overtook the United States to become the world's second-largest cotton-producing country after China, according to a study by the International Service for the Acquisition of Agri-biotech Applications. It is no surprise that the textile industry is the largest foreign exchange earning sector in the country. The industry employs over 35 million people, and with its continuing growth momentum, its role in the Indian economy is bound to increase. The Indian sourcing market is estimated to grow at an average annual rate of 12%, from an expected market size of USD22–25 billion in 2008 to USD35–37 billion by 2011.1 All of the above factors have led some key international fashion brands, such as Hugo Boss, Diesel, and Liz Claiborne, to increase their sourcing from India…

Keywords: Indian Economy; India; Doing Business in India (search for similar items in EconPapers)
JEL-codes: P48 (search for similar items in EconPapers)
Date: 2009
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