Textile industry of India is the Mother industry, employing over 55 mn people directly or indirectly in this sector. Adding to that the fast growing retail apparel industry has further increased its importance. In the recently concluded World Textile Conference held in Mumbai, almost every decision maker in this Industry agreed to the fact that there will be upsurge in the activities as opportunities which are perceived are a lot in India's favour.
As everyone knows, the manufacturing base is almost shifted to south East Asian Countries and India as well as China is going to play very important role in this odyssey.
The present Indian Textile and Apparel industry may grow from current level of US$ 78Bn to US$ 220 by 2020.lndia has her own strengths in terms of technical manpower availability, wide fiber base and supporting government policies for modernization and also raw material cost controls. The growing population of Indian young purchasing class is making domestic market quite lucrative.
Coupled with that, Chinese internal demand is expected to grow and there is predication that there will be some gap between their capacity to supply to the International market vis--vis internal demand. The 10% of spill over in such case from Chinese share is expected to give India another US $50Bn market.
Understandably these opportunities have to be strategically aimed at and required preparation to meet such demands has to be made. Proportionate investment for modernization is a must and Government has thus revised the TUFS scheme with more lucrative factors, although its life is up to 31st March 2012.There is very little time to lose on this opportunity which offers loans at competitive rates.
Indian Textile and Apparel Industry will continue to grow rapidly and so also the consciousness of the International and domestic consumers. In this borderless trade, there is no restrictions for purchasing the quality Garments and hence quality and cost conscious consumer who is dictating the terms, is asking more and more in terms of performance of the materials. UV protective clothing, highly light fast and wash fast colors, fabrics with specialty finishes such as antibacterial, water repellant, flame retardant properties are being asked depending upon their applications in home textiles, night wears, protective clothing, defense etc.
Beyond day to day use of textiles in home furnishing, apparels etc, a new segments of Technical Textiles is opening up and the growth of such textiles in sports, industry, buildings, defense, protection, agriculture, non woven's, and composite is increasing at highest rate in the emerging economies such as that of India and China.
The author is Dean of Institute of Chemical Technology