Gautam Nair is preparing to ramp up production at his clothing factory in the city of Gurugram, betting on a surge of orders from brands such as Marks & Spencer and Next as India pursues more free trade pacts with the rest of the world.
Within three years, he expects Matrix Clothing’s exports to the European Union and the United Kingdom to more than double from current levels. "The industry is very excited,” Nair, who co-founded the company, said by phone.
Prime Minister Narendra Modi’s government is taking advantage of India’s rising appeal as the world’s fastest-growing major economy and an alternative to China for global supply chains to clinch a number of free trade agreements (FTAs). India expects its deals with countries from the U.K. to Australia to help boost its manufacturing and soak up the tens of millions of young people entering the workforce in the years ahead.