Business

IACC Textile Forum Identifies Action Plan For US$ 100 Billion Collaborative Business

IACC Textile Forum’s three-day webinar on exploring Indo-US textile trade was an eye-opener, even as the US is India’s single largest market for textiles and apparel. `Textiles: Indo-US Bilateral Partnership: Focused Sector: Textiles: New Opportunities: Innovative Products: B2B’ had an eminent industry panel who shared their insights of the US market, the potential and scope of unrestricted growth in the huge US consumer market. IACC aims to boost textile and related trade and investments between the US and India, with the target of US$ 100 billion in collaborative business between the two countries, over the next few years. The webinar series was a timely one as US buyers are diversifying their supply chains. And statistics reveal that India is a supplier of choice for US buyers. Webinar insights Textiles and apparel that have good demand in the US:

Denims and denim blends
High quality cotton textiles (linens), home textiles, voils
Knitwear
Sportswear, performancewear, athleisure
Recycled textiles
Technical textiles and nonwovens – parachute fabrics, geotextiles, laminated, coated fabrics, PPE kits, suits, hygiene products, automotive textiles
Organic textiles and apparel
Sustainable, natural fibre textiles and apparel
Spining, ginning machines, digital textile printers
Textile dyes, chemicals, finishes – anti-microbials, flame retardants, water repellents, natural dyes

Potential markets for India to tap:

Viscose fibre, textiles, apparel
Functional fabrics and apparel
Polyester, manmade nylon based fibre, fabrics, apparel, home textiles and furnishings
Spandex-based textiles and apparel
Technical textiles and nonwovens – Meditech, Composites, Protech
Sleeping bags, outdoor gear
Knitting machinery, technical textiles machinery
High end dyes, chemicals, finishes

How can India & US collaborate to increase trade:

Collaborations in textile technology, functional dyes, chemicals and finishes
Meeting US sustainability, labour standards
Build transparency in the supply chain
Branding
Customisation
Collaborations in digital printing, 3D printing
Collaborations to develop high-end, functional MMF based textiles
ELS cotton
India should set up design studios in the US
India needs to invest in R&D facilities, even if in collaboration with US industry and academia