INDIA'S SELF INFLICTED WOUNDS.
[ Based on article written by Ritesh Kumar Singh, business economist, published in The Times of India dated 18th October, 2018 (Thursday) ]. We Indians love to compare ourselves with China. However, when it comes to textiles and clothing. India's export of $40 billion lags far behind China's $269 billion despite its long history and obvious advantage in raw material and labour. Forget China, India is now behind Bangladesh and Vietnam. Between 2000 and 2010 China doubled its global export share in apparels from 18.2% to 36.4%, but India's share inched up from 3% to 3.2%. Again, between 2010 and 2016 China was able to retain its global market share at 36%, Bangladesh could increase it from 4.2% to 6.4%, Vietnam almost doubled it from 3.2% to 4%. Many argue that industrial wages in China have been rising, so its time for India to move decisively and seize the global opportunity of $284 billion of textiles and another $443 billion of clothing that's knocking on its door...