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8 Garment Sector- Stitch in Time, Saves Nine We have to propel our garment sector to new heights in start-era. India will reap rich benefits if start-ups manage to realize their possibilities. The country’s garment sector has slowed down in recent years. There was a time when India was among the main suppliers of the garment-importing western countries. However, the last 3 years have been tough for this export sector. This is not because of the lack of demand in the international market. We are getting tough competition from our neighbour Bangladesh. Bangladesh’s garment sector rides on free trade agreements and cheap labour. A competitive incurring cost has helped the country seize a big share in the apparel market. At a time when India’s exports are falling, Bangladesh has doubled it. The garment sector is a major contributor to India’s economy with a 13 per cent share in the country’s total exports. It also provides a direct or indirect livelihood to nearly 105 million people. The garment trade is growing globally and hoping to capitalize on its potential, the Indian government is also encouraging India’s entrepreneurs to enter this market. Many groups listed under the Government e-Marketplace (GeM) are working in the garment sector. The Womaniya initiative has won special accolades. It has promoted handicrafts like embroidery. Start-era, a golden opportunity for the apparel industry The start-up era is probably the best time for the garment sector to thrive. There is a lot of scope for budding entrepreneurs
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