Viewpoint | November 2014
Changes Signal Hope
After the economic slowdown of 2008-09 in which the global textile industry lost much of its steam, there came a whiff of fresh air in the industry last year. But again the uncertainty persisted for some time till the new Government at the Centre gave some hopes a few months back. In the wake of these changes came the news that India will overtake China in the production of cotton. India´s man-made fibre industry has also fared well, having achieved a double-digit growth in exports. But in the recent weeks, declining prices of cotton and China´s reluctance in buying more cotton yarn have caused heartburns in some circles. Despite all the rumblings, there are clear signs that the textile industry is heading for a sea-change. A leader in India (Trident Group) has inaugurated the largest terry towel plant in the world. Many big companies are chasing new dreams in technical textiles. E-tailing is becoming the in-thing of textile future. Textile industry is reposing more faith in innovations and is readying to invest, may be with some caution. According to some reliable reports, international demand for production capacity is growing and fashion labels and garment industry are seeking outward processing channels to outsource production. Transparency in textile supply chain, optimum technical integration and corporate social responsibility seem to be replacing the price factor as the most vital production criterion. New textile focus in countries like South Africa and Russia is blowing fresh air into the global textile arena. There is much to accomplish as the competition has opened up new avenues for growth. The ever-widening clothing needs of the population demands quality products at affordable price.
What else can be a better foundation than this environment for the ´Make in India´ dream to become a reality?
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