Please fill in your details to download the Table of Contents of this report for free. We also do customization of these reports so you can write to us at firstname.lastname@example.org in case you need any other additional information.
Director MAG Solvics Private Limited
Technology together with automation will be driving industry by 2020
MAG Solvics Private Limited was established in 1991 to design and develop testing instruments for the textiles industry. Over the years, the company has grown its product portfolio and is now a multi-product, multi-market enterprise that provides total testing solutions for all the segments of the textiles industry. C Dhandayuthapani, Director of MAG Solvics, speaks about the challenges and opportunities for the Indian textiles industry.
What is the size of the global market for textile testing equipment? At what rate is it growing?
According to reports, the organised global textile testing equipment market is more than $100 million in size and is expected to double in the next six years. Testing is very important for analysing and to define the quality of the product right from raw material to finished products. The demand for the latest testing equipment is increasing day by day due to the ever-increasing demand for rapid and accurate measurement. This demand, we feel, is due to reduced lead times available with manufacturing industries, right from yarn to garments. So, the current demand will sustain, and there is a possibility that this rate will increase in the years to come. Also, the thrust given to technical textiles, nonwoven and apparel by the government will definitely create winners on the way.
Which major sectors/areas in the Indian textiles industry need immediate government intervention?
The Indian textiles industry is contributing 4-5 per cent to the GDP. The industry is a major employer after agriculture giving direct and indirect employment to more than 90 million people. The powerloom sector needs immediate attention as the modernisation is going on slowly except for in some regions. The unorganised sector could not raise its productivity levels, volumes and quality standards due to difficulty in accessing latest technologies and finances. The huge investment required for technical textiles and the requirement for testing equipment in this sector is also very huge. Taxation is another concern. Now, the GST rate slab from 5-18 per cent will definitely be a driver in the years to come.
As a private enterprise, what is the kind of governmental help that will advance growth in your field?
Our R&D centre is recognised by the ministry of science and technology, and we are receiving the needed resources and help from the government. Affordable access to finance is vital for the success of any private enterprise and the same applies to us as well. The effective commercial application of new ideas involves much more than just pure research. The extent of market competition, the intellectual property regime/patent protection, the availability of financing for innovative ideas, and tax incentives are needed to push our industry forward.
Which three factors will have a major impact on the industry's performance in the years to come?
The textiles industry is a vibrant part of the world economy. In India too, the industry plays a crucial role in the economic development of the nation. It occupies an important place in Indian economy in terms of industrial production, employment and exports. We feel that the exchange rate, capital (including FDI), technology and competitiveness will affect the performance of the industry. India is improving tremendously in all these areas and we hope its world share will increase further in the next few years.