India's textile industry can get double benefit…

Today is National Handloom Day and it is a coincidence for India's textile industry that the crisis in the neighboring country bangladesh is creating new business opportunities for the textile industry. A total of 4.5 crore people in india are employed in the textile industry, out of which 35.22 lakh are handloom workers. The latest situation in bangladesh seems to be deepening the crisis on the textile industry there and it is believed that in such a situation international textile buyers or companies can turn to markets like India. The country's textile industry can benefit from the emergency situation in the neighboring country because business does not stop. The rule of demand and supply continues and only those who fulfill it will be able to strengthen their position in the global market.

How India's textile industry benefits from the turmoil in Bangladesh?

The strongest thread of trade between india and bangladesh passes through the textile industry. In the textile market, bangladesh is the second largest textile exporter in the world after China. india is in third place and looking at the current situation of bangladesh, it is clearly believed that india is going to benefit from it. Now when there is turmoil in bangladesh, there are definitely opportunities and immense possibilities for India. In april 2024, India's Manufacturing of Textile Index was at 105.9. No matter how cordial the relations between india and bangladesh are, it is also true that due to the cheap labor available in bangladesh, a large part of the textile business prefers to get manufacturing done from there. indian companies also get their manufacturing done in bangladesh in large numbers and export. That is, the current situation of bangladesh is becoming an opportunity for double benefit for India.

Bangladesh: It is a small country but has a lot of dominance in textile exports. Bangladesh's monthly textile (apparel) export is 3.5-3.8 billion dollars. It has a market share of more than 10 percent in the european union and the united kingdom (UK). Bangladeshi exports hold 10 percent market share in the US. After this, if we talk about india, garments worth about 1.3-1.5 billion dollars are exported every month.