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Research Institute report: India's knitting industry's competitiveness is beginning to show

by:Sunshine     2020-01-10
India's textiles and garments have always been competitive in the woven field, and a recent report by Wisedge, a research consultancy, pointed out that Indian knitting products will show a double-digit growth trend in the future, the industry will play a more important role in India's textile and clothing industry. India's knitting industry has grown strongly in the past year. Wisedge, a research consultancy, pointed out that in 2012, knitted garments accounted for 50% of India's domestic garment market and 45% of India's export garments. Globally, the trade performance of knitwear is better than that of non-woven fabrics, and the demand for knitted garments has increased significantly. 2005 ~ In 2011, the annual compound growth rate of global knitted garment production will reach 7%, and it is expected to grow at a faster rate in the next few years. The same is true in India, where the annual compound growth rate of knitted garments is expected to reach 9% ~ 10%. Traditionally, India's textile and clothing industry has always been based on non-woven fabrics, but the change of consumer preferences has boosted the rapid development of Indian knitted garments. Hues, head of Rupesh Puri, said: 'In the past, it was difficult to find clothes suitable for consumers around the age of 40 in India, but now this situation has changed a lot. Middle-aged consumers have become accustomed to spending 800 rupees (Equivalent to RMB 86) Buy a T-shirt instead of spending 1200 rupees (Equivalent to RMB 130)Buy a shirt. In fact, T-shirts are also more suitable for India's climate characteristics. However, in the rapid development of the Indian knitting industry, there are still a series of restrictions. Among them, the rise in cotton and yarn prices is the most difficult issue, and competing with global brands is also a big challenge. Granzstein & Gavin brand partner dawende said that the fact that international brands are developing in the Indian market is unavoidable, but higher prices make them not advantageous. Indian consumers prefer low-cost knitting products. The development trend of the Indian knitting industry is that the production site is more dispersed. The knitting industry, which was once concentrated only in the tirupp and Ludiana regions, is now fully covered in India. More and more knitting companies have been established in Rajasthan, Gujarat and Bangalore. However, it is undeniable that at present, there are still a few Indian T-shirt manufacturers, because the industry needs to invest more than other sub-sectors, and the infrastructure construction is specific and complex, therefore, this kind of investment is risky. In recent years, the competition between Bangladesh's knitting industry and India has intensified. Indian operators believe that Bangladesh has the upper hand in market share mainly because Bangladesh's production costs are lower than India's, such as wage costs. The country has the ability to offer cheaper products. Chanba, general manager of Ranger, believes these effects are short-term, 'some big brands try to put outsourced production in Bangladesh. However, due to the huge cost of logistics, they did not get real benefits. Moreover, on the basis of the elimination of consumption tax on Indian brand clothing, Indian knitting products are more competitive and will play a positive role in promoting the development of the industry. 'Indian industry insiders pointed out that no matter what the market competition will show, the Indian knitting industry must start to improve its competitiveness in the next few years. Ashish, marketing director of Wisedge, pointed out that innovation in finishing technology will be the key to the competitiveness of India's knitting industry and the added value of its products. (China teachers' daily)
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