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'India is one of the fastest growing textile sectors'
30
Dec '16
India is one of the fastest growing textile sectors in the world, but it is difficult to stipulate the market size for textile chemicals in India as it is highly fragmented with a large unorganised sector. The global textile market, which was $19.3 billion in 2012, has been estimated to grow at 4-5 per cent each year, and India and China are forecast to share that margin.

“Keeping in mind the potential growth of the textile market in the years to come, we can see a stable and substantial opportunity for growth in this sector. Factors that influence this growth are stability of Indian rupee versus the US dollar, stability of input prices like cotton and electricity and strength of the export demand and global economic conditions,” the director of Resil Chemicals, Siddarth Kumar, told Fibre2Fashion.

The rapid emergence of the textile market in India has resulted in a proportionate growth of the textile chemical market, he said.

When asked about the performance of the company, Kumar said that it has done extremely well in the last two years. “The revenue generated by our textile segment can be estimated to 65 per cent and it holds a share of 12 per cent in the Indian textile finishing and auxiliary chemicals.”

As for the next two years, Resil is bullish about its growth in South and South East Asia, according to Kumar.

The company, with presence in Bangladesh, Sri Lanka and South East Asia, faced multiple challenges while manufacturing textiles chemicals. These challenges include innovation of sustainable and eco-friendly products, regulatory and stringent quality norms and customisation of products catering to individual customers with adaptable volumes.

Kumar said that the company turned towards state-of-the-art manufacturing facilities that comply with international standards and emphasised on product as well as process innovations to overcome challenges.

Talking about the company’s plans for the coming year, Kumar said, “We look to aggressively orient towards growth in India and our international presence in the coming year. Having a strong backbone of being an innovation driven company, Resil also focuses on new intelligent, environmental friendly textile finishing and auxiliary products that will revolutionise and set an inventive thought process in the textile chemicals market,”

Kumar believes that demonetisation has caused short-term economic inconvenience, but will result in a cleaner economy.

“The current demonetisation-driven cash crunch has resulted in a short-term economic inconvenience in the form of the transactional hit created by a hard cash deficit and a structural hit to non-tax paying businesses that would become unviable. However, when you look at the long-term impact of these steps, we can surely look at a cleaner economy, cleaner ethics and a better GDP,” he added. (KD)

Fibre2Fashion News Desk – India


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