Opportunity for Indian textile sector to play cards right - Mr Kusumgar
All textile experts have concluded that technical textiles are the next big thing that can bring about a thrust to the Indian textile industry. According to a recent study conducted by Technopak, the size of the sub-sector is currently Rs 16 billion and has the potential to grow by 11-12 percent per annum. These mouth-licking figures prompted a few companies to announce big ticket size investments in this still nascent sector in the last few years. But the moot question that arises is since the unfolding of the economic crisis, are these promised investments fructifying.
The growth of technical textiles in the global situation got momentum in the year 1970. However, India has neglected the global trend for almost two and half decades. The post independence period for the entire textile industry in India has undergone an almost anarchical situation. The growth of unorganized sector, de-centralised sector, poor health of composite units and even fluctuating fiscal measures by the Govt. of India has been responsible in placing the technology on the back bench, seriously damaging the global interests of the domestic textile industry.
It was only around 1995, that the importance of technical textiles was realized, both by the Industry and the Govt. and an expert committee on technical textiles (ECTT) commonly known as Sathyam's Committee was formed. The office of the Textile Commissioner, Govt. of India, has subsequently spared no means to create awareness and to ensure deserving financial incentives together with developing centers of excellence for promotion of technical textiles in India. The policy of the Govt. to liberalize, to privatize and to globalize the economy has also played an important role for the consumption of technical textiles in India.
Fibre2fashion in its continuing series on getting information to its readers on the same had first spoken to Bhilwara based BMD Pvt. Ltd and now spoke to Mr Yogesh Kusumgar, CEO of Kusumgar Corporates. Established in 1970, Kusumgar Corporates is now a leading ISO 9001:2000 certified Indian icon in the technical and specialty textiles genre, encompassing a wide spectrum of products and applications. The company has graduated from being a mere weaver of fabrics to a total solution provider in the area of technical textiles.
We began by asking Mr Kusumgar to give an insider's opinion on how far has this promising sub-sector been affected to which he said, “To address this point, there are two major areas which need to be observed, effect on existing producers of technical textiles and second is effect on new investment. As far as existing producers of technical textiles are concerned, there does not appear to be any slow down worth mentioning, maybe perhaps the producers involved in low end products in un-organized manner, may have felt the effect of global slow down of the economy but by and large, this sub-sector has not so far felt the effect of the global slow down of the economy”.