India wants to take away 10 percent of export business from China's garment industry. As India's second largest industry of job creation, Indian garment industry now provides about 7 million working opportunities for Indians; export growth will be good news to Indian economy.
India's garment exports increased by 24 percent in February 2011, after increased by 18 percent in January.
As being encouraged by significant export growth, Federal Minister for Textile Rita Menon said recently, textile export target has been increased to about US $ 30 billion in the current financial year, while this figure was US $25 billion last year.
With export growth, Indian government believes that India has potential to have its share of world textiles and clothing trade increased from current 4.5 percent to 8 percent in 2020, reaching US $80 billion.
According to reports, India has the world's largest number of looms; India has 1.80 million weaving looms (accounting for 45 percent of global total), 200,000 sets of shuttleless looms (3 percent of world total). India has the second largest number of spindles in the world, accounting for 23 percent of the world total.
Apparel Export Promotion Council (AEPC) Chairman Premal Udani said, the United States presents good demand for Indian products, the United States accounts for 40 percent of India's apparel exports. European demand is also improving. India's garment exports could double in the next few years, if India could grab 10 percent garment business from China.