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Indian VP calls for innovation, diversification and new markets for textile industry

Indian VP calls for innovation, diversification and new markets for textile industry
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The Vice President of India, Shri M. Venkaiah Naidu has called upon the textile industry to develop a culture of innovation, diversify products and tap newer markets for increasing India’s exports share in the global market.

He was addressing the outreach event on ‘Accomplishments and Way Forward for Textile Sector’ and presented Threads of Excellence Awards.

The Vice President said that he nderstands that India’s export performance has been not up to expectations for a variety of reasons.

He further said that it cannot be business as usual and the industry has to rise to the occasion and ensure that the share of India’s exports reach double digits from approximately 5 per cent at present. “You need to diversify your products and tap newer markets,” he added.

Pointing out that India enjoys a unique advantage of having abundant raw materials and presence of manufacturing in all segments of the textile value chain, Shri Naidu said the sector needs to improve supply chains, focus on research, cost optimisation and scaling-up to achieve greater competitiveness and a higher share in the production and export of top items traded in global markets.

Observing that this was the ideal time for the industry to discard outdated technology and modernise its machinery to be globally competitive, Shri Naidu said the availability of raw materials, low cost and skilled manpower was an added advantage for the Indian textile industry, which is expected to reach US$ 223 billion by 2021.

The Vice President said that quality has to be the mainstay for India to sustain exports in the global market in the face of stiff competition from Bangladesh and Vietnam.

Referring to various measures taken by the government like allowing 100 per cent FDI and Technology Upgradation Fund Scheme to accelerate thr textile industry’s growth, the Vice President advised the industry to focus on innovation and value addition for improving global competitiveness of the Indian textiles and apparels.

“Innovation is the key. We have to come up with innovative and exclusive products if we have to expand our footprint in the global arena”, he added.

He also stressed the need for promoting waterless dyeing by adopting new technology.

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