Price volatility, a hurdle to cotton industry growth
The cotton price has been fluctuating in tandem with international price unlike earlier cotton seasons. The global cotton price ruled high during the last cotton season which continued till the beginning of the new season.
A COTTON OF CRISIS
All is not well on the cotton front! Fall in production and acreage, and wild fluctuations in the prices beginning late last year have dampened the spirit of the industry. On the farm front, ravages of bollworm have added to the woes of the suppliers.
Building a new-age textile industry
In future, China’s share is expected to further reduce because of gradual shift of global buyers from there due to rising manufacturing costs in China and availability of other lower cost destinations in other region.
MMF consumption to remain stable
In FY18, the domestic MMF industry in volume terms stood at 2,506 million kg. Domestic MMF demand witnessed an uptick of about 3.6% in FY18 on account of release of pent-up demand post the demonetisation and GST implementation.
Industry should go for ways to minimise operating costs
In the year 2018, textile industry has seen some improvements from the setbacks faced due to demonetisation and GST. Now each and every textile manufacturer, trader and entire value chain have accepted and understood that GST is now a part of the system, and they have to move forward with GST as applicable for their sector.
Industry must adopt automation at all stages
The calendar year 2018 had been one of the most challenging years for the textile industry due to the impact of GST on the MSME sector (especially on the textile hubs like Surat, Bhiwandi, Ludhiana, Erode and many others), higher raw material prices, severe liquidity crisis post Punjab National Bank scam and subdued fabric demand.
Branding India in textiles is vital
The Textiles Committee is raring to rewrite its role as a greater facilitator of textile industry, its production and trade: this was clearly evident during a recent informal chat the Editor of the Indian Textile Journal had with the Secretary of Textiles Committee, Ajit B Chavan.
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