Published on November 10, 2014

Slowdown in the crude prices has been the talk of the town for this week. Global economy is strongly driven by the crude prices. Weakening in crude prices has also led to slowdown in the MEG, PET and PTA prices. This in turn has led to slowdown in the raw material prices for many petchem related industries. According to latest data released by OTEXA, apparel export has increased by 7.5% from India to US for the period of January to September.

According to Apparel export Promotion Council, India has been strongly gaining the position among its competitors.  China and Bangladesh is the two major competitors in exporting of apparels. But again due to higher labor cost and weak economic results China has taken back stage and is focusing more on its internal economic issues.

The Indian government has shown strong interest in reviving the Indian textile sector. The prime minister has emphasized on application of scientific   approach coupled with blend of scientific technology. The industry need to adapt to the changing demands and needs of customers and create new products. Innovation is the only option for this business to sustain. The government has ensured that they will provide enough monetary help on credit terms and will publicize the products on international scale.