The Indian Texpreneurs Federation shared that the Textile and Apparel sector of India, with its natural resilience, bounced back very strongly after a year of challenges, and the sector is doing well now.
“As an association representing the entire value chain of textile sector, we are more confident about achieving the much-needed growth in the year 2021 in our sector”, Prabhu Dhamodharan, Convenor of ITF said via a press release.
A roadmap towards the envisioned growth was shared by the ITF:
- Focus USA for Apparels
Indian Home Textile sector achieved a status of biggest gainer of volumes in US market in the first 10 months of this year.Now, it’s time to step up the efforts to repeat the same success in USA market for our Apparel products.
Vietnam’s FTA with EU will intensify the competition for India at EU. At the same time, a level playing field with our top 3 competing nations in the US market in terms of Duty; combined with quick economic recovery & consumption at USA makes a compelling case for Indian Apparel sector to focus on US Market for immediate growth.
We need to intensify efforts and focus at all levels including Govt, cluster and firm level to grab our share in US markets in Apparels.
- Focus on value addition with new capex
Using the low interest regime & easy liquidity combined with robust demand visibilities due to post Covid opportunities, it’s time for Indian Textile & Apparel sector to step up effort in the terms of new capex investment at various stages of the value chain with a single focus on value addition with the goal of 20 % increase in per product revenue.
- Focus on product Diversification and innovation: PLI
Indian Apparel sector should use the forth coming PLI scheme as the stepping stone for much-needed product diversification and innovation in the MMF space and build scale to attract global buyers.
- Focus on Tech adoption & Digitalisation
All manufacturing units need to invest in technology adoption and digital initiatives with Industry 4.0 strategies in mind to achieve global benchmark in terms of productivity and efficiency to build long term competitiveness.
- Focus on Agility
To equip the entire industry and eco system towards growth phase, a strong culture-building of having an agile mindset is the best way forward to institutionalise the success.
- Focus on Discipline in credit cycles
Industry is currently managing the trade well with sufficient liquidity due to infusion of funds in the system with Central Govt’s ECLGS scheme. The sector needs to utilise the opportunity to maintain the financial discipline to work on shorter credit terms across the value chain to improve the Business performance and sustain the recovery momentum.
We Team ITF, as a dynamic textile association will enable the strategies in line with these focus areas with our member companies and work towards our theme and goal of 2021 – A year of progress for T & A sector.