For The Global Textile Industry, Agility is The Way To Go
The global textile industry urgently requires agility and the adoption of new technology.
That was the message from global textile industry stakeholders in a Zoom conference on May 24 celebrating the 33rd anniversary of The Textile Institute (UKNorth )’s India Section.
Mr. T. Rajkumar, Chairman of the Confederation of the Indian Textile Sector, gave a comprehensive overview of the Indian textile industry and highlighted growth strategies. Across the value chain, value addition and skill development are required.
Technical textiles is a growing industry, and he stressed the need of requiring the use of certain items. Such as airbags, as well as quality improvements and standards. He mentioned how the Indian textile sector ramped up during the COVID-19 pandemic to make the country self-sufficient in PPE, saying that the industry grew at a rate of roughly 13%.
The technological textiles sector in India has double-digit growth potential. Based on empirical modeling and GDP figures from 2008, this author forecasted the sector’s development. The paper, titled “India Rising: Opportunities in Nonwovens and Technical Textiles,” forecasted a 13 percent annual growth rate through 2050. Mr. Rajkumar’s comments back with the 2008 report’s growth projections.
The Indian government should be appreciated for recognizing the potential of this industry and investing in it via initiatives such as the National Mission on Technical Textiles and the development of Centers of Excellence in various sectors of technical textiles around the country. For this important objective, the government is now allocating $211.7 million (US) over four years (through 2024).
In the textile industry, Mr. Shirshir Jaipuria, Chairman and Managing Director of Ginni Filaments, underlined the importance of agility, speed, and technology. He identified four developments that will have an influence on the Indian economy:
- Development of sustainable products
- Strategy for marketing
- Consumer understanding
He went on to say that the sector should be data-driven and should prioritize open and improved communication. Mr. Jaipuria pushed the textile business to be flexible and adapt to the needs, using the IT sector’s agility in developing new products as an example.
Professor Vijay Kothari stressed the importance of improved collaboration between academia, research institutions, and business. He believes that the practice of working in silos must be abandoned in favor of a more holistic approach.
Two things, in my opinion, require cost-effective new products that consumers desire. As well as a focus on items that address health care, the environment, and industrial uses. Having said that, efficiency in the commodity fiber-to-fashion supply chain must be accomplished, since this sector is a major revenue generator.