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Post-COVID-19: How can Indian industry recover?

May '20
Pic: azadjain1 / Shutterstock.com
Pic: azadjain1 / Shutterstock.com
The unforeseeable humanitarian and financial crisis has hit the Indian economy at a time when growth has slowed to its lowest in a decade, investments are shrinking and consumption recovery is sputtering. While there is no denying that the virus needs to be contained, including a complete lockdown, the need to manage its economic aftermath is just as urgent.

"However, textiles and apparel companies need not lose hope and need to develop strategies to prepare themselves for when the markets open again, hopefully well in time before the festive season," write B Prakash and Swati Jain in an article Close Quarters published in May 2020 edition of Fibre2Fashion.

"The Indian textiles and apparel industry will need to gear itself to fight the economic consequences of covid-19. Manufacturers need to maximise their internal capabilities and focus on building their efficiencies. This will enable them to work with the anticipated shorter lead times and tight margins.

"India has the capacity and competence to gain share in its core cotton-based categories and women’s fashionwear categories with value addition (embroidery, schiffli, etc). It will be crucial to focus on manufacturing excellence and improve cost-competitiveness to ward off business risk from other manufacturing nations," write the authors.

Click here to read the complete article (first published in May 2020 edition of Fibre2Fashion)

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Fibre2Fashion News Desk (RKS)

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