Describe about the Ready Made Garments Industry for World Industries.
The textile or the readymade garment industry of India is one of the highly recognized industries in the world. The textile industry relates to the manufacturing of cloth, yarn and the consequent designs or the distribution and production of cloth. The major part of economy of India depends upon the exports and manufacturing of textile or readymade garments. The revenues of India from the textile export accounts for twenty seven percent of the foreign exchange. Also, in the total industrial production of the nation, the India Textile Industry holds 14 percent of share (C U Shah, 2013). The GDP has also a share of three percent by the textile industry and this number is rapidly increasing. The textile industry of India is second in world just after China. For having the sustainable growth the readymade garment industry is expanding its roots all around the globe by selling the supreme quality products at a very reasonable price. The Gulf countries are also one of the major centres for the exports of Indian readymade garments and mainly the markets of UAE. The report will highlight various elements of the textile and the readymade garments industry such as the features, types, growth, opportunities and challenges to the apparel industry in the global world and mainly in the Gulf countries. The report also throws light over the two major companies which are practicing business operations in the Middle East (Mehra, 2014).
The diverse features of the textile and the readymade garments industry of India highly attract the overseas nations. The different types of consumer demands are giving rise to the development of the apparel industry so that there can be all types of customer base. There are several opportunities and growth perspectives present in the markets of UAE for the textile nod apparel industry and mainly for the readymade garments.
The apparel and textile industry plays a highly vital role in India. It is one of the earliest industries which were established in the nation. The industry accomplishes and satisfies the most basic need of people that is cloth. The textile or apparel industry is one which which has a unique position which possesses a self-reliant element starting from the production function to the delivery of end products. The apparel or the textile industry is one of the efficient sources of improving the economic condition of the nation. It supports in improving the GDP, revenues, industrial development and global recognition (Belemkar and Ramachandran, 2015).
There are different types of merchandise on the Indian readymade garments industry and so their demand. The consumer has a diverse demand for the apparel. The demands of the consumer can be broadly classified in three major categories i.e. fashion apparel, basic fashion and basic. The highest volume is of the basic apparel and the price is relatively very low (Godley, 2013). But the fashion apparel has less volume but high priced and the basic fashion is of moderate volume and medium price range. There are different types of materials which are the basis of the garments produced. These include cotton, jute, wool, silk, polymers and various other materials (Khurana, et al., n.d.)
It has been recognized that the share of textiles accounts for 11.5 percent in the overall exports. It has been forecasted that there will be rapid increase of percentage from 5 to 8.5 in the total world trade of apparel and textile. The ready garments products of Indian textile have reached to the international markets of Japan, the European Union and US. As per the data from the Indian Ministry of Textiles it has been recognized that only EU i.e. European Union stands for 36 percent of the total textile export of India and the percentage of 21 accounts for the United States. The markets of Turkey, Bangladesh, Republic of Korea, Saudi Arabia, Canada and UAE also have a significant contribution in the increased percentage if Indian exports of textile. UAE accounts for 7 percent of the share of the total exports of textiles of India and there is yearly growth rate of 20 percent in the Gulf countries. Therefore it can be said that the continuous development of the Indian textile companies and the industrial market of UAE attracts each other. And the business opportunities present provide increased growth prospects to various companies, suppliers or merchants (C U Shah, 2013).
There are number of opportunities to the Indian readymade garment sector to flourish and to have an increased percentage of sales. The economy of UAE is an open economy which stands for high per capita income. The economic diversification and open economy has provided platform to number of MNCs to have business operations in UAE. There are huge investments in the textile industry so that it can boom and have successful business partnerships with overseas corporations (Joshi and Raichurkar, 2016). There are FTZs i.e. Free Trade Zones which attracts the foreign ownership so that there can be development of the textile and readymade garments industry. The enhanced private sector employment and improved education has also given rise to the diversification of the textile industry of UAE and provide opportunities to the Indian textile industry to have a significant presence in the markets of UAE (Memon, 2015).
There are few challenges which have to be faced by the Indian textile in the markets of UAE. In United Arab Emirates there is very low costs of the garments, apparel and cost of manufacturing as the nation possess innovative technology as well as the there is extremely low cost of labor and inputs (Deshpande, 2015).
There are huge number of suppliers and companies which are involved in performing business in UAE. There are various readymade garments companies which supply the stuff, raw material or the products to the various companies of Dubai. UAE gives an open platform to number of Indian companies to perform business in the various states of UAE. Following is the description of two companies which has noteworthy presence in the markets of UAE.
IndiaMART
IndiaMART is one of the highly recognized international online companies. The company has its significance presence in number of countries including UAE. The company is achieving continuous success in the markets of UAE as it directly involved in the textile industry. There are various companies of Dubai which are associated with IndiaMART for their textile and readymade garments business. The company was established in the year 1996 and in the period of 20 years the organization has attained huge growth (IndiaMART InterMESH, 2016).
Fabindia
Fabindia is a well recognized Indian chain store of high quality readymade garments. The company has its stores in Dubai and various other regions of UAE. The company has its impactful presence in UAE as the merchandises are of supreme quality and at nominal process. The company was established in the year 1960 and the main vision of the company is to support the rural people and providing them employment. The products are majorly sources from the rural villages produced by the craftspeople and artisans who have great knowledge of various handwork as well as traditional designs. The stores of Fabindia are present in State of Qatar, Doha and Bahrain. The company does not have advertised promotions but only the word of mouth is the only way to have publicity of the products. The number of stores in UAE shows the vital significance and presence of the company (fabindia, 2016).
Conclusion
From this report it can be conclude that India has its significance presence in the world’s textile industry. India holds for a great percentage of garments’ export to number of overseas nations. India is on a developing phase in the textile sector and has number of growth and development opportunities in upcoming future. The quality of the products, low prices and the improved distribution network boost the development of the readymade garments industry. There are various countries which imports from Kidnap include the Gulf countries. UAE is one of these countries which have tied knot with the suppliers of India for regular trade of the apparels. The growth percentage in UAE is also at peak for the Indian companies and suppliers of readymade garments as well as the textile companies. Fabindia and IndiaMART also have a recognized presence in the UAE markets as these companies have theirs several stores which are attracting the customers with their high and diverse quality merchandises. From the overall report it can be conclude that the textile and apparel industry is one of the rapidly developing industries from the global context. And there are several growth opportunities which prevail in the markets of UAE for the success and development of the Indian readymade garment and apparel companies.
References
Belemkar, S., & Ramachandran, M. (2015). Recent Trends in Indian Textile Industry-Exploring Novel Natural Dye Products and Resources. International Journal on Textile Engineering and Processes, 1(3), 33-41.
C U Shah, (2013). Global Country Report on UAE, Pp.137. Retrieved on: 10th December, 2016. Retrieved from: https://www.gtu.ac.in/ABP/GCSR%20PDF%202013/707%20UAE%20C%20U%20shah%207-.pdf
Deshpande, P. (2015). Garment Export Industry of India-A Comparison of Pre and Post Liberalization Performance. Arts and Social Sciences Journal, 2015.
Fabindia, (2016). Fabindia IN Dubai, Dubai, Retrieved on: 10th December, 2016. Retrieved from: https://www.mongrel.in/fabindia/dubai/
Godley, A. (2013). The Development of the Clothing Industry: technology and fashion. Textile History.
IndiaMART InterMESH, (2016). ABOUT US, Retrieved on: 10th December, 2016. Retrieved from: https://corporate.indiamart.com/
Joshi, V., & Raichurkar, P. P. (2016). Investment Opportunities in Decentralized Textile Industries-Cluster Development Approach: A Path Way.
Khurana, P., Pahwa, M., Bansal, A., Dhingra, R., and Sharma, A., (n.d.), Indian Garment Industry, Pp.87. Retrieved on: 10th December, 2016. Retrieved from: https://finishingschool.pbworks.com/f/INDIAN+GARMENT+INDUSTRY.pdf
Mehra, A. (2014). GLOBALIZATION AND EXPORT PROSPECTS OF TEXTILE INDUSTRY IN PUNJAB.
Memon, N. A. (2015). Readymade garment industry: Good source of providing employment. Pakistan Textile Journal, 64(1).
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