India is celebrating its 60th year of independence and is eagerly looking forward to many more! Today, the country has reached a crucial stage where its growth and development has attracted the attention of major trade players. Especially the textile industry, which has not only penetrated but has carved a niche on the global arena.
Fibre2fashion contacted several industry biggies to learn their views as well as understand what they expect from the future.
Saurabh Kumar Tayal Chairman of Jaybharat Textile explains, "The major elements for boosting the Indian textile industry are the opening of economy, dismantling of quota system and labour cost advantage. It is observed that in the US, EU and Far East, major textile units are being shut down because of high labour cost. As a result, businesses are shifting to countries like India, China, Pakistan, Bangladesh and Sri Lanka."
President Eastern Silk Industries, G Venkatesh elaborates, "In the past 5-7 years, the growth of textile industry has hastened, chiefly due to the Multi Fibre Arrangement of WTO and the removal of quotas. Textile sector has been investing money in modern technology duly supported by the Government introducing Textile Upgradation Fund Scheme. More and more domestic consumers are demanding high quality textiles and this has further triggered adoption of Quality Production and Standardization Procedures."
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