According to joint research by global consulting company Kearney and the Confederation of
Indian Industry (CII), Indian textile exports might reach $65 billion if industry heavyweights take
the required measures and government programs are properly implemented.
However, the report also underlines, "The high cost of capital and high reliance on imports for
almost all textiles machinery makes it difficult to earn the right return on invested capital, especially given India’s slight cost disadvantage. Longer lead times than for Chinese manufacturers make India uncompetitive, especially in the fashion segment. For example, India’s lead time is 15 to 25 percent longer than the competition in fabrics. Limited presence in the global trade of man-made fiber products. The trend of nearshoring in western economies has not helped either.”
In other to eliminate the existing hurdles, the Indian
textile industry in collaboration with the government needs to take a few critical and early steps, to upscale the overall production. In this article, let's explore a few amongst many.
Develop robust R&D infrastructure
At the current stage, India’s textile industry is largely dominated by traditional products. India
is yet to create a mark on the global stage with its brands, chains, items, and procedures.
Without innovation and R&D, none of this would have been possible. The government and businesses must work together to make this shift happen. The development of business processes, the establishment of brands, and the development of designs should all be prioritized.
In the coming days, the need is to build a robust infrastructure to upscale the production in the 5
key areas, namely - apparel, fabrics, home textiles, man-made fiber and yarn , and technical textiles.
Additionally, Improved seed types and agricultural technology are required to maintain the increase in cotton yield per hectare. The goal should be to reach global production yield parity per hectare. To boost productivity and enhance quality, the production of silk, wool, and jute must continue to develop technology and procedures.