Mr Nikhil Meswani, Board Member, Reliance Industries Ltd, said that India's textile industry would grow to US 110 billion by 2012 from the present level of US $52 billion riding on the back of abundant fibre supply, favorable demography, strong manpower base and emphasis on innovation. This, he said, envisaged an investment upwards of US$ 50 billion.
While addressing the Second Asian Textile Conference(ATEXCON 2007) organized by the Confederation of Indian Textile Industry (CITI), today in the capital, Mr. Meswani said that sufficient supply of paraxylene and PTA backed by refining capacity could double or triple man made fibre production benefiting the textile industry's growth.
Equally significant is the focus laid on retail sector, which would grow phenomenally in the next few years triggered by demand for apparels and life style products.
“In the years to come Indian textile industry, in order to increase consumer focus, will look at acquiring more retail supply chains in the developed markets,” he said, adding that retail sector in India was also on a roll.
Mr. Meswani observed that capital was not a constraint for the Indian textile industry. The segment can access capital at globally competitive costs either through the banks, institutions or venture capitalists. The major challenge is developing business strategies for capturing the expanding markets and to discern the consumer wants and preferences before they articulate it.
“Leadership in today's competitive environment will no longer be about managing change, but about managing the prophets of change and the changing nature of consumer's conscience,” he observed, adding that collective intellectual capital has to be tapped to provide solutions to the emerging issues in textiles.
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Confederation of Indian Textile Industry
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