The Indian textile industry is working an action plan that will look at what the industry can achieve by 2047, according to Rakesh Mehra, chairman of the Confederation of Indian Textile Industry.
“Despite recent challenges, we are committed to fostering innovation, sustainability, and inclusive growth within the sector,” he said in a press release.
The Indian textile industry is working an action plan that will look at what the industry can achieve by 2047, according to Rakesh Mehra, chairman of the Confederation of Indian Textile Industry.
“Despite recent challenges, we are committed to fostering innovation, sustainability, and inclusive growth within the sector,” he said in a press release.
Though the sector had a lacklustre performance in the recent months, both in the domestic and export markets, Mr. Mehra said what was important now was collaborative action. “The textile industry has faced challenges on multiple fronts, including geopolitical uncertainties, shifting consumer preferences, and stiff competition from other sectors. However, there is a collective sense of urgency to reverse this trend and propel the industry towards a brighter future,” he said.
The Indian textile industry is working an action plan that will look at what the industry can achieve by 2047, according to Rakesh Mehra, chairman of the Confederation of Indian Textile Industry.
“Despite recent challenges, we are committed to fostering innovation, sustainability, and inclusive growth within the sector,” he said in a press release.
Though the sector had a lacklustre performance in the recent months, both in the domestic and export markets, Mr. Mehra said what was important now was collaborative action. “The textile industry has faced challenges on multiple fronts, including geopolitical uncertainties, shifting consumer preferences, and stiff competition from other sectors. However, there is a collective sense of urgency to reverse this trend and propel the industry towards a brighter future,” he said.
Measures such as exempting inputs from mandatory Quality Control Orders (QCOs) would lay the foundation for the industry to achieve $ 100 billion exports by 2030. The recent India-European Free Trade Association (EFTA) Agreement would offer better market access and foster growth opportunities.
Continuation of schemes such as the PM Mega Integrated Textile Region and Apparel Parks, the Production Linked Incentive scheme, and the Scheme for Capacity Building in the Textile Sector would catalyse investment and capacity building within the industry. As the industry awaited the new government’s policy directions, it would focus on innovation, sustainability, and inclusive growth, he said.
Source: https://www.thehindu.com/