FROM THE EDITOR-IN-CHIEF’ s DESK …
While the political scenario in the West is getting complicated to say the least and the US bringing up new regulations and trade restriction almost every day, India has been cautious in its approach.
The garment export industry is already in a difficult situation and any new issue or policy decision would only add to the confusion. The recent complaint filed at the WTO by the US about India’ s export subsidy programmes has added to the uncertainty in all sectors, but the garment industry is more worried as their competitiveness has already been severely eroded by many‘ happenings’ in the last few years.
In a very candid address to India Inc., The Commerce and Industry Minister Suresh Prabhu, who never minces his words, said that countries that had benefited the most from global trade were resorting to unilateral measures that challenged the global trade mechanism under the World Trade Organization( WTO) and India should be prepared for the change.
To quote Prabhu,“ We are seeing in a way a new normal emerging. The so-called certain system is being questioned, and in that context, we must be ready to not only face the challenges but also convert those into an opportunity.”
At the same time, the China factor and the pressure building up in the South Asian region is a matter of concern not only in political corridors, but also in industry boardrooms.
This year could actually turn out to be much more difficult than the industry has anticipated … This would really be an unfortunate situation as many industry watchers feel that business has finally begun to pick up …, including me!
Almost every event I have visited over the last two months oozed positivity and people openly said that they have had their‘ low’, and now it was time to bounce back … The impact of GST has run its course and things are getting back to normal.
Suppliers of fabric, trims and accessories also admit that things are picking up and manufacturers have started placing orders. However, it is important to understand that the positivity is not because of the export market, but mostly because of the buoyancy in the domestic market.
Today, both markets are being closely watched by the exporters and though they may still prefer working in the international arena, the reality has hit them that domestic production cannot be ignored if they want to have a sustainable growth.
If a country like Bangladesh, which has excellent business opportunities in both the US and in Europe, is eyeing the domestic market in India as the next big retail destination, it would be highly short-sightedness for Indian exporters to ignore or undermine the potential that the domestic brands and retailers present for the future.
Of course, the challenges remain, but looking inward instead of waiting for situations in the global area to improve, is a smart and timely move. The industry needs to retrospect on its options, make the required changes and grab the opportunities before others move in and take the advantage.
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8 Apparel Online India | APRIL 16-30, 2018 | www. apparelresources. com