The textile industry was sunrise industry since independence and till 90s, but now the scenario has changed and the industry's contribution to the GDP growth has come down to 2.5 per cent to 3 per cent as against 4 per cent previously, Udani said at the 10th CEO conference of the Southern India Mills' Association.
Realising that apparel sector is the growth engine, the government has recently announced a special package for the apparel sector which includes 25 per cent capital subsidy for this sector, he said at the conference held in Coimbatore on the theme 'Navigating Future Textile Business'.
“We should have level playing field vis-à-vis Bangladesh with respect to duty advantage they are enjoying. This advantage Bangladesh has not only affected the spinning sector but the entire textile value chain including apparel sector,” he said.
He explained that the industry should have AIM in which A stands for Adapt, I stands for Innovate & Invest in weaving and processing sectors, and M for Marketing. He said that relentless marketing is required to survive in the business.
With regard to cotton, he said that cotton is no more an important fibre, as other fibres are coming in the market. Volatility in cotton prices cannot be avoided. He said that there will be trade barriers and import of fabrics cannot be prevented. He emphasised the need to create buffer stock of cotton in India to face any crisis situation, as done by the US and China.
If apparel sector opts to import fibre, it would affect the domestic fibre manufacturers. So, the domestic fibre manufacturers should ensure supply to the apparel sector for the growth of entire textile value chain.
Although most of the problems that existed 20 years back continue even today, he felt that the next five years will be good for the entire textile value chain. (RKS)
Fibre2Fashion News Desk – India
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