Arvind Limited, textile major intends to become a strategic partner with its customers by focusing on a multipronged strategy for its growth. Their strategy will be built on four planks — sustainability, innovation, verticalisation and multi-fibre, company’s Chairman and Managing Director Sanjay Lalbhai said in an interview.
He said that sportswear is the fastest growing segment and clothing is going to become “intelligent.” They have identified ten major buyers and are making large amounts of fabrics — about 25 mn mtr a month. If the company offers one stop solution, it should be strategic to its customers.
Lalbhai, however, said that the textiles industry has got the flexibility in the labour laws it was looking for. One of the biggest problems was the labour laws and luckily it is a concurrent law. All the progressive states have given them the flexibility that they were looking for. There are fixed term contracts available. That means they do not have to have labour liability on their balance sheet. He said added that a competitive and logical exchange rate could be an enabler for the industries.
In the world market, Indian textiles industry is competing with Bangladesh, Sri Lanka and Pakistan. These three countries have free trade agreement with the European Union (EU).The largest share of India’s exports is with the EU. If India strikes a free trade agreement with it, there will be a huge upside which India can hope to achieve in the immediate future. That country should also sign a free trade agreement with the United Kingdom in order to boost textile exports.