Interview with Rakesh Somani

Rakesh Somani
Rakesh Somani
Sumeet Industries
Sumeet Industries

Oil prices have impacted our business to a great extent
Several factors affect the growth of the yarn industry in India. Yarn manufacturers need to consider all factors that are likely to affect growth. In an interview with Fibre2Fashion, Rakesh Somani, Director of Sumeet Industries discusses the drawbacks and strengths of the yarn industry in India.

Which critical steps will ensure that India grows as a textiles giant?

The critical steps which will ensure that India grows as a textile giant is to make the country globally competitive by bringing down interest rates, providing land at reasonable prices, providing export benefits, and creating a corruption-free atmosphere.

Which critical steps will ensure growth of the integrated yarn industry?

The following steps ensure growth of the yarn industry in India: (i) focus, (ii) customer satisfaction, (iii) strong team, (iv) value-added products.

Which core focus areas will drive growth in the yarn industry?

The core focus areas which will drive growth in the industry are: (i) cotton yarns, (ii) specialty yarns, (iii) weaving and knitting.

Which are the major challenges plaguing the yarn industry in India for the last five years?

The challenges plaguing the industry would be: (i) fluctuations in raw materials which are linked with crude, (ii) policy changes by the government, (iii) fluctuations in US dollar, (iv) global competitiveness.

As a private enterprise, what kind of government support will enhance growth in your sector?

The governmental measures that will ensure growth in our industry:(i) benefits given as interest subsidies and others should be made available to the companies at the earliest,(ii) export benefits should be improved to make Indian companies globally competitive.

What was the main highlight of 2015 for the yarn industry?

It was the fall in crude oil prices which impacted our business to a great extent.

Which were your top five achievements in the last five years of this decade?

Our achievements were:(i) completing the Partially Oriented Yarn (POY) and Fully Drawn Yarns (FDY) expansion, (ii) taking our production to 300 tonnes per day with a Continuous Polymerisation (CP) plant, (iii) capturing the global market by entering almost all the big countries of the world, (iv) diversifying our business and starting cotton spinning unit, (v) starting production of carpet yarn, twisted yarn.

What is the target set by Sumeet Industries for 2016-2020?

The target is to continue our growth pattern and establish ourselves as one of the finest in the industry.

Which target set by you for 2010-15 is yet to be achieved? What is the timeline set to put it in place?

All the targets have been achieved by Sumeet Industries, almost 90 per cent.

What has been your growth percentage in the last five years, and the last fiscal?

We have grown on an average of 25 per cent as a whole group.
Published on: 15/03/2016

DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.

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