Business Opportunities for Women in Textile Manufacturing Industry
The Indian textile sector is one of the oldest industries in the country’s economy that dates back several centuries. However, the modern textile manufacturing industry in India was recognized only in the early 19th century with the formation of the first textile mill in Calcutta (now Kolkata). The textile industry is a vital contributor to the country’s GDP, and is opening up rewarding business opportunities for aspiring women entrepreneurs.
Overview and Market Size of Textile Manufacturing Industry in India
Textile manufacturing is a varied industry comprising of hand-spun and hand-woven sectors at one end, and capital-intensive state-of-the-art mills on the other. The wide range of textiles include woven fabrics, fibers, and yarns made from cotton, wool, polyester, jute, and other materials.
The textile segment in India is dates back to its ancient culture and traditions, and this industry is unique compared to all other industries in India. Textile manufacturing consultants provide accurate statistics that show India has the potential to produce a wide variety of textiles and apparel that meet several market segments within the country and across the world.
The textile & apparel industry in India contributes 5% to the country’s GDP, and 12% of total export earnings. At present, it’s the 6th largest exporter of textiles and apparel in the world.
Additionally, India is also among the largest producers of cotton and jute worldwide, the 2nd largest producer of silk, and contributes 95% of the world’s hand-woven fabric. Top textile consultants report that the Indian textile industry is estimated to be $16 billion, accounting for 6% of the global textile market. It’s the 2nd largest employer in the country, and employs 45 million people directly and 100 million individuals across allied industries. Other vital statistics include:
- India is also the 2nd largest manufacturer of PPE in the world, and the global contribution is estimated to touch $92.5 billion by 2025
- FDI in this industry has reached $3.9 billion for the recent FY 2020-21
- India’s textile manufacturing industry is expected to export products worth $100 billion over the next 5 years with an exponential growth at a CAGR of 11%
- 7 mega textile parks are sanctioned to enhance the size of the industry to $190 billion by 2025-26
Top 10 reasons to Start Textile Manufacturing Industry in India
Topnotch textile project consultants point out primary reasons to start a textile manufacturing process in India. These facts lay the foundation for making a lucrative business opportunity in the textile industry.
- Abundant availability of raw materials like cotton being the 2nd largest production in the world. India is also the 3rd largest producer of viscose and other semi-synthetic types of rayon in the world
- Presence across the entire value chain from material production to manufacturing the end-product
- Competitive and cost-effective manufacturing to help businesses with minimal investment plans
- Availability of readymade infrastructure across various clusters
- Availability of a large pool of highly skilled and English-literacy manpower with 65% of its youth population being the largest in the world
- A large and exponentially growing domestic market currently valued at $85 billion
- The availability of several support schemes from the government that significantly increase FDI
- The presence of large and integrated players that display quality and professionalism
- Exclusive access to foreign markets, including 43 countries and GSP status from the European Union
- The cultural diversity driving the social, political, and economic stability of the country
The Hottest Market Trends in the Indian Textile Industry
The textile industry in India is innovating advanced methodologies to stay ahead of the competition in the global arena. These trends are triggered by a significant shift in consumer demands.
Digital textile printing ink
This procedure in textile manufacturing process refers to a special ink exclusively formulated for garment and textile use. The digital prints enhance the fabric’s durability and offer superior image quality.
Bio textiles for the healthcare industry
With advancement in organ transplantation and other innovations in the healthcare industry, the demand for bio textiles is rising sharply. They are used in artificial hearts and to create other artificial organs offering exceptional biocompatibility shelf life and safety.
Intelligent textiles
The smart fabrics are designed to sense various environmental conditions and respond automatically to stimuli like chemical, thermal, or mechanical changes in the surroundings. Textile manufacturing for intelligent apparel incorporates unique aesthetics and makes alterations in technology to enable the wearer to interact with their surroundings.
Organic fabrics
Apparel made from organic fabrics are easy to clean and maintain. The demand for organic clothing in India is growing at 30% per year. These fabrics are used to make clothes more fashionable, appealing, and economical.
Technical textiles
The Indian textile industry is advancing with the production technical textiles that are specifically engineered for a definite functionality. The non-aesthetic purposes include automotive application, medical uses, protective clothing, and Agro textiles.
Technical textiles are made from man-made fibers like Spandex, Kevlar, Nomex, and others that offer enhanced functional properties like excellent insulation, improved thermal resistance, and higher tenacity to name a few.
Opportunities in the Indian Textile Industry
Textile manufacturing consultants have estimated that India will be the 2nd biggest market by the year 2025, contributing $121 billion to the global production. Being one if the fastest-growing economies, India’s GDP increased to 7.2% over the last couple of years. It has created a perfect platform to boost the purchasing capacity of people while also increasing the demand for a host of products from the textile industry.
It encourages the sector to enhance its capacity to manufacture numerous different products for domestic use and export. There’s a sharp rise in the establishment of boutiques & showrooms, exclusive bride/bridegroom showrooms, uniform manufacturing units, and even clothes for rent.
Government Incentives and Bank Loans Available for Textile Industries
- National Technical Textiles Mission estimated an outlay of INR 1,480 crores for 2020-21 to 2023-24
- The Directorate General of Foreign Trade revised rates for incentives under the Merchandise Exports from India Scheme from 2% to 4%
- The Government of India devised a package of $31 billion to boost export, create over 1 crore jobs, and attract investments worth INR 80,000 crores during 2018-20
- Amended Technology Up-gradation Fund Scheme strives to create employment for 35 lakh people and attract investments worth INR 95,000 crores by 2022
- Integrated Wool Development Program devised by the Government of India caters to the wool sector to enhance quality and boost production
- The Cabinet Committee on Economic Affairs devised an exclusive skill development scheme called ‘Scheme for Capacity Building in Textile Sector with investment worth INR 1,300 crores
Future of the Textile Industry in India
Exclusive Government initiatives like Skill India and Make-in-India combine with continuous growth and developments in the management consulting firms to support and enhance the development of the Indian textile industry. There’s an increased access to skilled manpower, and a favorable market for textile products is empowering the industry to become more competitive in the global arena.
A well-planned global market entry strategy propels the rapid development of the Indian textile industry with trends, technological advancements, and expansion capabilities that promises a future that exceeds the global demand and boosts economic development of the nation.
Top Indian Women Entrepreneurs in the Textile Industries
- Shivani Poddar, Founder of Faballey
- Vishakha Singh, Founder of Red Polka
- Monica Gupta, Co-Founder of Craftsvilla
- Anjana Reddy, Founder and Managing Director of USPL
A Guidance from SolutionBuggy
Whenever you think of textile project consultants, you expect a comprehensive program with extensive insights and access to innovative technologies that create a robust platform to establish and build a legacy in the textile industry. SolutionBuggy fulfills the inherent needs of a textile manufacturing process and offers customized solutions that meet the unique demands of a specific type of textile industry.
The quintessential name among textile consultants enhances its services by integrating the upcoming trends and ground-breaking practices into customized packages tailored for addressing challenges throughout the manufacturing and post-sales process.
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