Dating back to the nineteenth century, the Indian textile sector is one of the oldest in the Indian economy. The sector is highly diversified, catering to a wide range of segments ranging from traditional handloom products to cotton, wool and silk products and has products that vary across natural & man-made fiber, yarn and apparel. Technical textiles to0 are set to play a crucial role in transforming the sector, given their wide applications across multiple end-use industries such as automobile, construction, infrastructure, healthcare, aviation, defence, etc.
Additionally, the textile industry is closely linked and dependent on the agriculture industry in order to source raw materials such as cotton. This is a sustainable bet wherein the entire industry is based on the byproduct of agriculture which helps the ecosystem as a whole, the producer and the end-consumer. Hence, the growth and all-round development of the textile industry is one of the crucial parameters that contribute to the growth of India’s economy.
As per a recent report by India Brand Equity Foundation, India’s overall textile exports during FY 2017-18 stood at USD 39.2 billion and is expected to increase to USD 82.00 billion by 2021 (up to Jan 19). Apparel manufacturers are now diversifying exports into countries like Japan, Israel, South Africa, and Hong Kong. Textile exports have witnessed a bearish trend for two years in a row and factors that led the growth curve downward include time taken to align to the new goods and services tax (GST) regime, the downward revision of export incentives, and the credit squeeze particularly faced by small and medium enterprises. Having said that, India is set to touch the USD 185 billion figure by the year 2024-2025 as per the Vision Strategy Action Plan for Indian Textile Sector. Below mentioned are three important factors that will help keep the sector in an upward trajectory.
Positive outlook for the sector at hand
Government support for the sector
Growth of technical textiles in the country
Balancing compliance
This is a critical time for the textile value chain in India. Customers are feeling the impact of shifting fiber trends, changing consumer preferences, higher operating costs and the requirement of meeting different environmental standards. Also, the companies in India are now turning towards innovative dyeing methods and processes that facilitate greater water saving, as the government aims to cut industrial water use by 50% in the next five years.
Courtesy: Financial Express
DKNY and Dubit have introduced a virtual collection of handbags, hats, and jackets from its new 'Heart of New York'…
Archroma, a leading provider of sustainable specialty chemicals, is set to unveil a comprehensive array of denim solutions at the…
Xefco has successfully secured US$6.9m in funding to advance the commercialization of its groundbreaking water-free textile dyeing and finishing solution.
Researchers are exploring mushroom roots, mycelium, as a sustainable alternative to synthetic fibers in various products, including clothing and car…
Coachtopia has partnered with upcycle designers worldwide to give a fresh look to its popular Ergo bag, highlighting sustainability through…
France announced that the G7 will focus on tackling the environmental and climate effects of the fashion and textiles sector…