Headquartered in Chennai- India, Loyal Group is a multi-faceted conglomerate, providing an array of products and services for textile and apparel industries. In more than its seven decades of establishment, the Group has created several benchmarks and established milestones for the forthcoming generations.
Loyal Group comprises of two composite mills, one spinning mill, one dye house, three garment manufacturing units, one trading cum retailing company and two international trading companies (a Joint Venture with an Italian firm and a 100% owned trading company in United Kingdom). Besides, the Group has in its fold the 158-year-old watch trading company "P'orr & Sons", which has 8 operational stores in Tamil Nadu and Andhra Pradesh (India).
Aged 56, Mr Manikam Ramaswami is the Chairman & MD of Loyal Group. He has done BTech in Mechanical Engineering from IIT- Chennai where he was Awarded Banco Foundation Gold Medal for securing top rank.
Mr Ramaswami is also the Vice Chairman at TEXPROCIL. In past he has also been Chairman at the Southern India Mills' Association, and Tamil Nadu State Council- Confederation of Indian Industry (CII). Besides this he is a member of the committee of Administration-Confederation of Indian Textile Industry (CITI) and Correspondent of the Thiagarajar School of Management and Thiagarajar Model Higher Secondary School, as well as the Secretary at the Thiagarajar College of Preceptors.
In a talk with Face2Face team, Mr Manikam Ramaswami throws light on various issues that Indian textile industry confronts today.
fibre2fashion:
Mr Ramaswami, while welcoming you for the Face2Face talk, can we request a note from you on most memorable episodes from seven decades of your Group's corporate journey?
Mr Manikam Ramaswami
The most memorable episode was the experience of getting import license to import Air jet looms way back in 1979. As Air jet was new to India and even IIT Delhi did not have it, my request was referred to the textile commissioner. He referred it to SITRA and ATIRA. SITRA felt that it was too premature to think of air jets in India and felt it will be not before 2000 that Air jets become relevant in India. ATIRA felt it was a waste of money and it would be wiser to modernize plain looms by adding warp stop motions and Electronic weft feelers. It took several meetings at Bombay; Ahmedabad and Coimbatore before I was given the license to import one loom for trial.
That is how the first Air jet loom entered India in the year 1979.
fibre2fashion:
Quite encouraging anecdote! So, what is your opinion on today’s state of textile industry in India and abroad?
Mr Manikam Ramaswami
The textile Industry in India is fairly matured and all set to make a giant leap forward; World over textiles is a migratory industry moving steadily from high cost of production countries to lower cost of production countries.
fibre2fashion:
When we talk about global markets, we see China as an undisputed leader in textiles and clothing though it imports its cotton requirements, whereas, India enjoys self sufficiency in Cotton, still, we see it facing a lot of cotton issues hampering smooth growth in textiles and clothing. Isn’t it? You are on the board of Texprocil also, how would you like to comment on this?
Mr Manikam Ramaswami
In India for some reasons the textile Industry is not yet looked upon as an Industry that can remove large scale unemployment by the government; whereas in China, it is looked upon as an employment providing industry. This approach of the government is the big differentiator. China relaxes labour rules and increases incentives during periods of economic slowdown and periods when there is unemployment; tightens the labour rules and reduces incentives when economy picks up or unemployment drops. India on the other hand looks at (National Rural Employment Guarantee Act)NREGA as the solution provider. I will not blame the government for it, but take the blame as created by the Industry. The only blunder done by the government was giving incentives for cotton traders with retrospective effect putting 500 to 600 crores in the hands of a few traders. Hopefully such mistakes do not happen in future. This mistake made our cotton available to mills in China and Bangladesh cheaper by 10% and ruined our exports. An anti national act to put it very mildly!
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