April 22, 2024
Industry

Huge Potential For India In Global Textile & Apparel Market

There is immense potential for India to tap into the global textile and apparel market. This was stated by KV Srinivasan, the newly elected President of the International Textile Manufacturers Federation (ITMF).

While addressing a press conference, Srinivasan highlighted that global buyers are increasingly looking to diversify their sourcing away from China, thereby creating favourable opportunities for India.

However, he also acknowledged the challenges faced by the industry, including a decline in global demand and high inflation.

He expressed disappointment over the disappointingly low demand even during the festival season in India.

However, the ITMF President expressed optimism on areas in which competitiveness could be improved in the Indian textile industry.

He informed that to drive collaboration and knowledge sharing within the industry, ITMF organises annual conferences and conducts monthly surveys involving stakeholders from the entire supply chain.

To honour Srinivasan’s appointment as the first South Indian to head the international association, the Southern India Mills’ Association (SIMA) organised a felicitation function.

As part of the event, Christian Schindler, the Director General of ITMF, provided a virtual presentation on both the long and short-term developments in the global textile industry.

The latest ITMF survey conducted in November revealed that the majority of participants considered the current business situation poor but held optimistic expectations for the future.

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