After slowing down in last few years, the Indian economy was expected to recover in the last quarter of FY20. However, the coronavirus pandemic has made the recovery extremely difficult in the near to medium term. The report by management consultants Wazir Advisors The Great Lockdown: Indian Apparel Industry to Shrink by 35% says the longer the lockdown, slower would be the recovery.
While all consumer market segments will be affected badly, it is expected that some will recover faster than the others depending on utility, durability and unit cost. Further, seasonality will have different impact across segments.
Recovery will also vary category-wise. While apparel retail will reduce from 20 per cent to 48 per cent, value of production would also reduce proportionately, according to the report.
In such a scenario, Indian textile and apparel industry needs to focus on manufacturing excellence including smart factories to improve productivity and cost competitiveness. The focus area includes share consolidation in core categories, product diversification, export market diversification, and business consolidation with existing buyers.
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