Thanks to various developments at the international level and feedback from global buyers, the Indian apparel industry is expecting a better future ahead, especially now that things here are getting greater clarity at various levels.
The winning of the US election by Donald Trump as well as allied developments are making exporters positive about market conditions.
“One of the main challenges used to be geopolitical tension, which lowered general sentiments, but since many wars have been raging for a while, efforts to prevent them have accelerated, and most recently, the US’s new and capable leadership has made it clear that the overall situation is changing,” said Dr. Bimal Mawandia, Chairman, The Indian Silk Export Promotion Council.
He further added that US-based buyers have assured Indian exporters that they will place orders as they are hopeful for strong market sentiments. On the other hand, apparel manufacturers are on the lookout for opportunities to focus more on unexplored markets.
Jigar Dewan, Ma’am Arts, Jaipur said, “The challenges of the recent past, such as the uncertainty surrounding the US election and wars, are now being resolved, and we anticipate a better time ahead.”
Depending on the product category and market segments, Jigar expects 10- 20 per cent growth in the value section while in the premium and luxury segments, there shall be considerable growth as well.
Ma’am Arts is one of the most respected womenswear apparel exporters in Jaipur and it has recently started offering menswear, which is also performing well. The company is also focusing more on marketing activities since it is regularly participating in various sourcing events and has a greater thrust on sampling.
Given the recent events in Bangladesh and the prevailing economic climate in China and its stimulus programme, indicating that the country’s economy is not as robust as it once was, exporters believe that India would benefit.
It is pertinent to mention here that because of wars and ongoing tensions among various nations, certain exporters who engage with these countries have recently encountered payment clarity issues, which is a significant challenge for them. One of the medium-sized exporters is having trouble getting their buyer in Israel for a payment of Rs 1.8 crore.
“We are not at blame for the payment delay, and the speed at which the issue is resolved will determine when the payment is recovered,” the exporter shared, who wished to remain anonymous.
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