R. Vimal Kumar
Tirupur: Textile manufacturers should look for new processes to bring down production cost if they were to remain competitive in the midst of economic recession instead of just lamenting about the impact of slowdown, according to K. Rangarajan, Head, Indian Institute of Foreign Trade (IIFT), Kolkata centre.
Speaking to ‘The Hindu’, he said that if the garment entrepreneurs in the country did not respond quickly to the demands following the global economic meltdown, their share in global market could be taken away by other players who had displayed better versatility. He cited the example of Vietnam, which had recently overtaken India in the export of woven and knitwear apparels, both volume and value wise, at a time when recession had started being felt globally last year.
The exports from Vietnam registered a phenomenal growth of 33 per cent for the quarter ending September 30 last year despite global meltdown, while our growth rate has started declining, he said.
Dr. Rangarajan was of the opinion that the industrialists should not opt for shortcut methods.