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India should tap newer markets for textile industry, says country's vice president

By
Fibre2Fashion
Published
today Jan 7, 2019
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The textile industry should develop a culture of innovation, diversify products and tap newer markets for increasing India’s exports share in the global market, said M Venkaiah Naidu, vice president of India while presenting Textile Awards in New Delhi. As many as 17 persons were honoured for their outstanding contribution in different fields of textiles.



Naidu also presented the Threads of Excellence Awards to various organisations and individuals who have shown their excellence in the textile industry. Speaking on the occasion, Naidu said that the textiles sector is playing a pivotal role in the economy and it needs to be recognised and respected by all. He said that the textiles ministry has taken several initiatives during the last 4 and half years, which will yield rich dividends and help India become one of the three largest economies of the world.

Pointing out that India enjoys a unique advantage of having abundant raw materials and presence of manufacturing in all segments of the textile value chain, Naidu said the sector needs to improve supply chains, focus on research, cost optimisation and scaling-up to achieve greater competitiveness and a higher share in the production and export of top items traded in global markets.

Observing that this was the ideal time for the industry to discard outdated technology and modernise its machinery to be globally competitive, Naidu said the availability of raw materials, low cost and skilled manpower was an added advantage for the Indian textile industry, which is expected to reach $223 billion by 2021.

Referring to various measures taken by the government like allowing 100 per cent FDI and Technology Upgradation Fund Scheme to accelerate textile industry’s growth, he advised the industry to focus on innovation and value addition for improving global competitiveness of the Indian textiles and apparels. "Innovation is the key. We have to come up with innovative and exclusive products if we have to expand our footprint in the global arena." He also stressed the need for promoting waterless dyeing by adopting new technology.

"The continued growth and global competitiveness of the textiles industry can drive the economy to new heights. However, the sector needs to improve supply chains and internal systems, focus on research and development, cost optimisation (saving cost by vertical integration, etc.) and scaling-up to achieve greater competitiveness and command a higher share in the production and export of top items traded in global markets," explained Naidu.

The improved ranking of India in 'Ease of Doing Business' is expected to generate more business and attract FDI into India. Many foreign companies have set their sights on India as a future destination of big investments due to availability of technology, cheap and skilled labour and abundant raw material. All this bodes well for the textile industry, he concluded.

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