World Bank group to release report on India’s apparel sector on Apr 29

New Delhi, Apr 7 (KNN) The World Bank Group will release its report - “Stitches to Riches?: Apparel Employment, Trade, and Economic Development in South Asia” on April 29.

The report has been edited by Gladys Lopez-Acevedo and Raymond Robertson.

The report will be released in the national capital at an event organized by ICRIER in collaboration with World Bank.

Export-oriented apparel production which is a key industry in South Asia has huge potential to create employment. Further, exporters in the apparel sector can participate in global value chains which enable knowledge spillovers and skill acquisition, ICRIER said in a notification.

While apparel manufacturing is a key export industry for South Asian countries such as Bangladesh, India, Pakistan and Sri Lanka, and it contributes significantly to their economic development and employment creation, these countries are facing tough competition from countries such as China and Vietnam.

In fact, the Indian apparel industry is facing a threat of slowdown in the context of the global regional agreements such as the Trans Pacific Partnership (TPP), said ICRIER.

The report benchmarks the Indian apparel industry in terms of value, share in the global market, products diversification, etc., with other South Asian and South East Asian countries namely Cambodia, Indonesia and Vietnam.

It also suggests how the industry in selected South Asian countries including India can gain from globalization and trade through the right policies which will unleash South Asia’s export and job potential. (KNN Bureau)