For instance, India's monthly readymade garment exports average at just $1.1 billion compared to China's $13 billion. Even neighbouring Bangladesh, despite facing domestic unrest, manages to export three times more than India. In October 2024 alone, it exported $3.3 billion worth of readymade knitwear and woven garments, marking a 22% increase against the same month in 2023.
Bangladesh's domestic challenges have prompted some global buyers to diversify production, presenting India with an opportunity. "This is a directional change, and our task is to turn it into a structural opportunity," Damodaran says, adding that Indian companies should utilise the PM Mitra Parks being set up in seven states and focus on greenfield investments to meet global demand.
This story is from the December 25, 2024 edition of Financial Express Bengaluru.
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This story is from the December 25, 2024 edition of Financial Express Bengaluru.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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