PRZOOM - /newswire/ -
Delhi, New Delhi, India, 2007/03/30 - Retail boom is likely to give an impetus to the decentralized Indian textile industry. This will reduce the production costs and let the players to remain in the market.
The largest man-made textile industry of India, Surat, is poised to see a retail boom. The textile industry of Surat contributes 65% of the country’s total man-made textile production and is projected to register a growth of 15-20% in synthetic fabrics’ demand.
The Chairman of Federation of Indian Art Silk Wearing Industry (FIASWI), Arun Jariwala, said in a statement reported on February 5, 2007, by The Economics Times, that the retail boom would create demand for polyester fabrics.
Many industrialists opine that demand of polyester textiles is likely to grow as cotton fabrics are dearer by 40%. “Fabrics and garments will have a major concentration in the retail mall structure. Since polyester fabrics are cheaper than cotton fabrics, the demand for polyester is likely to grow”, stated Alok Shah, Director, Garden Silk Mills, in statement reported by The Economics Times on February 5, 2007.
The prospering retail industry is believed to be a light of hope for the decentralized Indian textile industry that shouldered losses worth crores of Rupees in the floods in 2006.
Mr. Jariwala said, “The industry has suffered huge losses due to the floods and now the time has come to cash in on the booming retail market”. This will provide a thrust to the decentralized textile industry as more businesses will upgrade their manufacturing units, thereby reducing their production costs to significant levels to remain in the competition.
According to “India Retail Sector Analysis (2006-2007)”, a report by RNCOS, Indian retail industry has witnessed a significant growth in the past five years. Apparel category is among the fastest growing sectors in the retail industry. This category garnered revenues of approx US$ 22.8 Billion in 2005 in India and is expected to rise at a potential volume of US$ 44.6 Billion by 2010 at a CAGR of 14.3%.
The market research report provides a thorough analysis on the Indian retail industry with distinguished focus in unorganized and organized sectors. A detailed statistical account on supermarkets, specialty stores, and other retail formats has been given. The product-wise segmentation of the retail industry alongwith retail scenario in rural India has been discussed in detail. The other highlight of the report is the industry analysis that covers consumer behavior, growth drivers, challenges, opportunities and M&As in the industry.
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