Bangladesh exports textile products to India after availing concessions including the abolition of import duty provided by the Government of India. Important to note, Indian textile industry employs 1.10 crore people in India
India: The textile industry in India is the second largest employer after agriculture. More than 1.10 crore people across the country are employed in this sector.
Many women, especially in rural areas, have got employment in the textile industry. Annually, textile products worth USD 38 billion are exported from India to various countries of the world.
The Government of India has given some concessions to Bangladesh as it is an economically backward country. In particular, the country has offered concessions to import kada cloth from India.
Similarly, there will be no import duty on readymade garments exported to India.
Using these tax concessions, Bangladesh has started exporting more to India by designing various ready-made garment varieties using kada fabric.
Prabhu Damodaran, convenor of the Federation of Indian Textile Entrepreneurs (ITF), said, “With the trade agreement between India and Bangladesh (SAPTA), Bangladesh will be able to export ready-made garments to India without import duty. In the last 10 years, Bangladesh has strengthened the ready-made garment manufacturing infrastructure.
Bangladesh has grown to the extent of exporting textile products worth $42 billion annually or rs 3.3 lakh crore to various countries of the world.
In the last few years, the focus has also started on India, which is a global leader in the textile industry. In the last five months alone, india has exported textiles worth Rs 2,800 crore.
Textile products such as T-shirts, shorts, etc., are imported from Bangladesh by large retailers in India.
In the last year, the price of cotton in India was higher than that of other countries of the world, so the prices of our textile products also went up. As a result, a large quantity of readymade garments were imported into India from Bangladesh.
While India's overall textile consumption is currently lower in comparison to the textile products imported from Bangladesh, imports will increase further in the coming years.
Modernising the readymade garment manufacturing infrastructure and enhancing competitiveness will help Indian textile manufacturers to cope up with competition in the global market.”
Many women, especially in rural areas, have got employment in the textile industry. Annually, textile products worth USD 38 billion are exported from India to various countries of the world.
The Government of India has given some concessions to Bangladesh as it is an economically backward country. In particular, the country has offered concessions to import kada cloth from India.
Similarly, there will be no import duty on readymade garments exported to India.
Using these tax concessions, Bangladesh has started exporting more to India by designing various ready-made garment varieties using kada fabric.
Prabhu Damodaran, convenor of the Federation of Indian Textile Entrepreneurs (ITF), said, “With the trade agreement between India and Bangladesh (SAPTA), Bangladesh will be able to export ready-made garments to India without import duty. In the last 10 years, Bangladesh has strengthened the ready-made garment manufacturing infrastructure.
Bangladesh has grown to the extent of exporting textile products worth $42 billion annually or rs 3.3 lakh crore to various countries of the world.
In the last few years, the focus has also started on India, which is a global leader in the textile industry. In the last five months alone, india has exported textiles worth Rs 2,800 crore.
Textile products such as T-shirts, shorts, etc., are imported from Bangladesh by large retailers in India.
In the last year, the price of cotton in India was higher than that of other countries of the world, so the prices of our textile products also went up. As a result, a large quantity of readymade garments were imported into India from Bangladesh.
While India's overall textile consumption is currently lower in comparison to the textile products imported from Bangladesh, imports will increase further in the coming years.
Modernising the readymade garment manufacturing infrastructure and enhancing competitiveness will help Indian textile manufacturers to cope up with competition in the global market.”