INDIA: Survival of textile industry rests on three key factors
The Indian textile industry experienced a reverse trajectory in its exports during 2008, which is not a welcome situation. Economists predict that economy will start reviving only by 2011. The interim would be a period of stress for Indian textile industry.
The industry has to practice diversification of scale, quality and innovation to survive the current dire situation. These are the three legs upon which the Indian textile industry should stand.
A recent study by the Federation of Indian Chambers of Commerce and Industry states that the Indian textile industry should invest in Research and Development of value-added and functional textiles that could be used by the Indian military.
High performance yarns and products using high performance fibers such as Nomex, Kevlar, and fire retardant fibers can be used in defense and aerospace sectors.
The industry should also plan for enhancement through expanding the product basket and product mix for a particular industry based on its efficiencies and resources.
It should not only aim at developing the international market, but also focus on the growing middle class domestic market.
Added: March 17, 2009 Source: Agencies