Interviews
News Flash
Early to predict permanent return to good times – Mr JN Singh
06 Oct '09
5 min read
An attentive & appreciative audience
'However, it was too early to predict permanent return to good times', and added by saying that, 'What we are witnessing are hopeful signs, but it is just too premature to say that things have permanently changed for the better as much depends on the consumers of US and EU, along with which it should however be noted that it is our own consumers who helped us survive this downturn”.
He also hoped that the Q1 2009 figure of Rs 392.68 crores profit of the top 45 textile companies, which is definitely an improvement over Rs 116.06 crores in Q4 2008, would definitely look up in the next quarters and we will experience greater growth in this sector, which in turn would also help the employment related issues of the sector.
He said that as and when a single General Sales Tax (GST) is implemented, it will help create a level playing field and that India was in the midst of signing a host of Free Trade Agreements (FTA's) with several countries and regions and had also signed one with, South Korea, which will help boost the prospects of the textile sector. He exhorted the industry leaders to seize the opportunities thrown up by the lucrative technical textiles sector.
He also advised the industry leaders to take up initiatives, if it wanted to take advantage of return to somewhat normal times, like; Create new product categories; Focus to become more cost effective; Collaborate and join hands through tie-ups and JV with national or international players to create a pack of complementary services and establish oneself as a niche player and position as a 'designer-manufacturer' to provide buyers a differentiating factor.
Other than these initiatives, he concluded by saying the sector must also focus on the domestic markets as it has not slowed down like the western markets and that several product categories are still proving to be lucrative in the Indian markets. He also advised the industry exporters to explore new overseas markets like Russia, Middle East, Africa and the Latin American countries.
Speaking to Fibre2fashion, on the sidelines of the conference, he said that the National Fibre Policy would probably be released by the end of this year and will try to address all the anomalies impacting the textile industry at large. He also said that subsidy burden of the government is likely to shoot up this fiscal, as acreage under the crop is expected to cross 10 million hectares, in the country.
He also hoped that the Q1 2009 figure of Rs 392.68 crores profit of the top 45 textile companies, which is definitely an improvement over Rs 116.06 crores in Q4 2008, would definitely look up in the next quarters and we will experience greater growth in this sector, which in turn would also help the employment related issues of the sector.
He said that as and when a single General Sales Tax (GST) is implemented, it will help create a level playing field and that India was in the midst of signing a host of Free Trade Agreements (FTA's) with several countries and regions and had also signed one with, South Korea, which will help boost the prospects of the textile sector. He exhorted the industry leaders to seize the opportunities thrown up by the lucrative technical textiles sector.
He also advised the industry leaders to take up initiatives, if it wanted to take advantage of return to somewhat normal times, like; Create new product categories; Focus to become more cost effective; Collaborate and join hands through tie-ups and JV with national or international players to create a pack of complementary services and establish oneself as a niche player and position as a 'designer-manufacturer' to provide buyers a differentiating factor.
Other than these initiatives, he concluded by saying the sector must also focus on the domestic markets as it has not slowed down like the western markets and that several product categories are still proving to be lucrative in the Indian markets. He also advised the industry exporters to explore new overseas markets like Russia, Middle East, Africa and the Latin American countries.
Speaking to Fibre2fashion, on the sidelines of the conference, he said that the National Fibre Policy would probably be released by the end of this year and will try to address all the anomalies impacting the textile industry at large. He also said that subsidy burden of the government is likely to shoot up this fiscal, as acreage under the crop is expected to cross 10 million hectares, in the country.
Fibre2fashion News Desk - India
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
