b"Market UpdatesApparel and Textiles Garment Manufacturing HubsIndia is the world's second largest exporter of apparel andtextiles, with China being the largest. Indias apparel and textiles market contributed 2% to its GDP and accounted for 14% of industrial production in FY18 [5] .Apparel and textiles are big contributors to Indias airfreight and the top export destinations are USA, Europe and UAE. LudhianaTheothermaincompetingapparelmanufacturing countries are China and Bangladesh. As competitive labour cost is a key factor for choosing suppliers for apparel, thereKanpurhavebeenshiftsofmanufacturingfromChinatoIndia,amongst other countries such as Vietnam, India, Pakistan and Cambodia.IndoreElectronicsKolkataSurat Electronics(fromEuropeandChina)andsmartphones(from China) are Indias major inbound air cargo verticals. Indias electronics market was valued at US$61.8B in 2015Mumbaiand projected to reach US$228B by 2020 [6] . InFY17 [7] ,domesticproductionofelectronicsovertook importsintoIndia.AmajorshareofIndiaselectronicsTirupurmarket is mobile phones which constitute about 27% share.After the Make in India initiative was launched in 2014, 256 mobile phone and components manufacturing bases haveSource: Auctus Advisorsbeen set up in India in the last four years. Earlier this year, key iPhone assembler Foxconn reported that it will shift its production of iPhones to India. India is currently ranked thesecond largest smartphone manufacturer after China and fastest-growing smartphone market in the world. 2018 Air Cargo Opportunities in India2%14% [5]Looking ahead, air cargo growth in India is expected to bestrong. According to Airport Authority of India (AAI), Indiasinternational air freight is projected to grow at a CAGR of8% between 2018 and 2023. This provides opportunitiesfor cargo carriers to deepen Singapores air connectivityandfreightcapacitywithIndia.Ourfreightforwarding community could also capture the rising cargo flows toand from India, especially in the major air cargo sectors including pharmaceuticals, perishables and electronics.201561820202280[1]2017[7]27%2014256iPhoneiPhone1FY19 refers to Fiscal Year 2018/19 for the period of April 2018 to March 2019 20192018/1920184201932FY18 refers to Fiscal Year 2017/18 for the period of April 2017 to March 2018 20182017/1820174201833Source/: IBEF 201820234Source/: IBEF 8%5Source/: Invest India 6Source/: Invest India 7FY17 refers to Fiscal Year 2016/17 for the period of April 2016 to March 2017 20172016/172016420173 12 Changi Cargo Insight"