Our BureauThe Indian textile industry should adapt, innovate and invest in the weaving and processing sectors as also market itself relentlessly to survive and sustain, said Premal Udani, Managing Director, Kaytee Corporation.
Speaking as the chief guest address at the Southern India Mills’ Association's 10th CEO Conference at The Residency Towers, Udani did not hesitate to point out that the problems that existed 20 years back continue to taunt the industry.
‘Look beyond cotton’
Urging the mills to think beyond cotton, considering that polyester blends had started coming up in a big way, Udani, who was speaking on the theme ‘Navigating Future Textile Business’ observed that when the textile industry is in the declining trend, the apparel sector progresses.
“It was a sunrise industry till the 90s but the scenario has now changed with the industry's contribution to the GDP registering a downward slide.
The mills need to think beyond cotton as Polyester blends are coming up,” he reiterated, adding “in the present global situation the industry should adjust itself and not ask the government for protection.
“We cannot depend on the government for everything; instead, we should become masters of our own destiny,” he added.
The apparel sector is obviously is the growth engine and realising this, the government had announced a special package and incentive for the sector, albeit with a condition — which is creation of new jobs.
‘No level playing field’
“There is no level playing field. Bangladesh for instance enjoys duty advantage, which has not only affected the spinning sector but the entire textile value”.
Further, asserting that cotton is no more an important fibre with other fibres coming into the market, and considering the fact that the volatility in cotton prices cannot be avoided, he emphasised the need for creation of buffer stock like in the US and China to tide over the crisis situation.
