Investment in large-scale facilities, new technologies and manufacturing excellence are the way forward for the Indian textile industry, according to a textile report titled ‘Winning in Disruptive Times’ by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Wazir Advisors. Global textile and apparel industry is going through disruptive times, it noted.
Buyers are looking to diversify beyond China and opening opportunities for other countries. However, China is still disrupting the global value chain and investing in emerging manufacturing destinations like Vietnam, Bangladesh and Ethiopia on a large scale and also building smart factories that will give them a competitive advantage, the report said.
India needs to adopt manufacturing excellence and service orientation to compete globally and win in the disruptive times, said the report released at the TAG 2020 conference in Mumbai recently.
India comprises a large fragmented textile industry and therefore, it is important for large anchor players to engage with smaller players and integrate the supply chain for bringing efficiencies. Further Indian companies need to adopt latest technologies and build smart factories that are digitally enabled with the value chain, a FICCI report quoted Prashant Agarwal, Co-Founder and Joint Managing Director of Wazir Advisors, as saying while giving a presentation on the report.
The report also stresses on the government’s policy intervention to help in neutralising cost disadvantage with global competitors and also help build infrastructure to produce large scale manufacturing zones with focus on manufacturing excellence and sustainability.
