Innovation is necessary in the Indian textile industry, speakers at the FICCI TAG 2014—the 6th annual conference on textile and apparel industry—said.
In his welcome address at the conference themed ‘Driving Growth through Innovation’, Deepak Mukhi, head, FICCI-Maharashtra State Council (MSC), said India ranks at 76th position among 143 countries in the global innovation index 2014. This certainly suggests that lot of efforts are required to be made in R&D and product development.
In his address, Suresh Kotak, chairman, subgroup on Textile & Technical Textiles, FICCI – MSC, urged the textile industry entrepreneurs to put efforts to make the Indian textile industry innovative and take it to the new of heights of success.
In the theme presentation, Prashant Agarwal, joint managing director, Wazir Advisors, discussed about the importance of innovation in today’s business. According to him, it is now the right time for every textile company in the entire value chain to focus on innovation to achieve business excellence.
Dilip Jiwrajka, managing director, Alok Industries, said textile companies should invest in innovative technology, which will ultimately result in offering right product at right price—very important for a company’s profit.
In a panel discussion on ‘Product, Process and Systems Innovation – The Success Mantra’, eminent persons from different sectors discussed about the various innovations taking place in textile and apparel industry around the globe from fibre to finished goods stage. The panellists deliberated on how innovation is the backbone of success in changing global scenario and how their companies have innovated product, process or systems to remain competitive and contemporary.
In another discussion on ‘Achieving Excellence in Today’s Competitive World’, panellists discussed about the competition in the export and domestic market and how successful manufacturers have grown their market share through a core strategy to excel.
In the last session speakers talked about the ‘Role of Technology to Improve Productivity and Product Quality’. With increase in manufacturing costs globally, businesses are focusing more on enhancing productivity to improve the bottom line and new technology is playing key role in achieving it, they said.
The conference concluded that innovation is necessary, and not a choice, in this competitive world and companies would have to build innovative culture. Secondly, the textile industry needs to act as one unit and the entire value chain should come together to raise their agenda in a single voice.
Thirdly, companies should look at the needs of customers to know what to innovate and work backward accordingly. As a country, India is not less innovative in nature, but it needs to be leverage further. Lastly, technology is for survival, so companies should use the latest and innovative technology to be competitive in the market.
A white paper on “Driving Growth through Innovation” prepared by FICCI and Wazir Advisors was also released during the conference. (RKS)
Fibre2fashion News Desk - India