Govt, industry need to act as combined force to build Brand India in textiles: Report
The CII-Kearney joint report suggested that the government should focus on putting in place key enablers to attract investments in the domestic textiles sector and optimise operations
The government and industry need to act as a combined force to build Brand India in the textiles and apparel sector, according to a report. The CII-Kearney joint report suggested that the government should focus on putting in place key enablers to attract investments in the domestic textiles sector and optimize operations like improved market access and cost-competitiveness while creating an enabling business environment.
The report also underscored the need for industry players to adopt global best practices in terms of manufacturing competitiveness, enhancement of service levels, capabilities in design, innovation and the need for more investments in sustainability and traceability. It also highlighted that achieving the $65-billion export target up from $36 billion in 2019 will require India to carefully strategize actions in five key areas, including apparel, fabric, home textiles, man-made fiber, and yarn and technical textiles.
The report calls for targeting a $16 billion increase by riding the China Plus One sentiment. India is suitably positioned on this, thanks to its relatively large strategic depth compared with Vietnam or Bangladesh. Besides, it recommends a $4-billion jump by positioning India as a regional fabric hub, starting with cotton wovens and then extending to other sub-categories.The report also suggests setting a target of $4 billion increase by building on existing advantages to expand the global customer base, and targeting a $2.5 billion-$3 billion jump with a focus on gaining share in MMF (man-made fiber) products. Confederation of Indian Industry (CII) Director-General Chandrajit Banerjee said, “The Indian textile industry is one of the largest manufacturing sectors by employment. To realize its full potential in the global market, strengthening of the textile industry value chain and broader market access is a must.”
PTI