Rise of Fashion Accessories Export and Trade: The India Story
India has shown a tremendous growth as a gem and jewelry including but not limited to substantial rise in number of beads exporters, leather cord wholesaler, fashion accessories supplier, jewelry manufacturers amongst others. Textiles and clothing as well is witnessing an expansion worth the mention.
Amongst the goods that India exports, gems and jewelry export hold a share of 14% while textiles and clothing hold 10%. The rise in export can also be adjudged by the fact that in May 2015 the export in India increased by 296.75 USD million from the 22050 USD million-figure recorded in April to reach 22346.75 USD million. The export of colored gemstones, colored beads, gems and jewelry and other fashion accessories has seen substantial growth in the last decade.http://www.krishnamodaa.com/product-category/accessories/
India is steadily emerging as one of the biggest exporter and manufacturer of a diverse range of goods including wholesale manufacturer jewelry and gems, pharmaceuticals, machinery and instruments, cotton and textiles, chemicals and metals. This surely doesn’t come as a surprise because India has all that is required to be one of the prime supplier in many of the in demand fashion categories including handbags, beaded jewelry, thus emerging as one of the best fashion accessories exporter in the last couple of years.
Digital India campaign may have been the butt of jokes in the last couple of days but the two strategic campaign of the BJP led government, namely Digital India Campaign and Make in India campaign sure have great potential. The Make in India Campaign is fundamentally a very important step in ensuring the rise of export culture in India.
India’s biggest competitor as exporter is china, the low cost products offered by Chinese markets have a huge demand but we may see a change in the above in times to come. The double-digit rise in minimum wages, the issue of quality and the growing number of alternatives that companies have over china is affecting its position as the biggest manufacturer.
There are many other countries where the minimum wage of a worker is less than that in china including Indonesia, Philippines and Sierra Leone with the min wage of $ 0.03 per hour but the profound supply of workers in India is what makes it a clear winner as a potential powerhouse exporter. Senior analyst Rajeev Malik has said the Indian economy is expected to show a growth rate of 7.2%, which is more than the 7.1% growth rate of economy of China.
For the retailers, it is important to understand why they should import from India.
1. Indian markets are among the top performing ones
2. The quality of Indian made goods in adjudged to be one of the best. The quality of exports from India is regulated under The Export (QUALITY CONTROL AND INSPECTION) ACT, 1963 as amended by Export (Quality Control and Inspection) Amendment Act, 1984.
3. The minimum wage is lower and the supply of quality worker goes deep.
4. With India slowly working towards improving infrastructure and manufacturing practices, not only the manufacturers but also the retailers around the globe will be at advantage because they can get hands at good quality low priced products.
5. India exports to many countries with US being its prime market, the ease in trade between India and US and India and other countries means that it will be easier for retailers to trade in products from India.
6. Furthermore, the make in India campaign is sure to not just instigate the interest of Indian manufacturer but also the interest of manufacturers from all over the globe to set up their manufacturing unit in India.