Experts feel, product development, digitalization, niche products and world class R&D institutions are way forward to reposition India in global textile value chain. Digitalization across value chain is the key to growth and competitiveness in textile industry in India. It increases interaction with buyers and allows companies to work closer to consumer through e-commerce.
They also feel given the huge local market of 1.3 billion people, Indian textiles industry has revived post-COVID with the help of new product segments in knit-based industry as focus on comfort wear has grown substantially. If Indian companies want to achieve scale then end to end approach is required and it needs to be supported by world-class R&D institution set up in public private partnership.
Cotton being the strength of industry the focus needs to be sustained. While proactive product development is the key to growth, sustainability along with compliance can create huge differentiation for India among global peers.
Similarly, synthetics industry growth is the key and India needs to increase its share of manmade fibers to grow in global market. India can also look at collaboration with neighbouring countries across supply chain to push textile industry's growth.
India needs to reposition itself through anchor led model, which will involve MSME's to develop scale. Complete digitization of supply chain will make Indian companies more competitive and give services as per buyers need. Creating sustainability across supply chain and adopting collaborative approach is the way forward. Likewise the country needs to broaden its product basket increase global footprint and look beyond US and EU for growth.