Indian Textile Sector Has To Adopt Holistic Approach
The Indian textile and garment sector has to adopt a holistic approach with a long-term vision to capitalise on opportunities available in the worldwide markets.
This was informed by SK Sundararaman, Chairman of the Southern India Mills Association (SIMA) who also added that the industry in recent times has been facing several challenges.
These challenges include those related to structural issues on the raw materials front, increasing production costs, and operational scale issues among other things.
SK Sundararaman added that SIMA will provide support to address these issues and enhance global competitiveness.
“The policy pitfalls in certain areas and delay in strengthening the raw material base, refunding government dues have been affecting the industry to achieve a sustained growth rate,” Sundararaman stated.
He also lauded the state government for offering lucrative incentives, but noted that there is an undue delay in releasing the incentives, due to which there is a severe financial stress for the industry.
The Indian textile and garment industry accounts for Rs 30,000 crores in Goods and Services Tax collections and foreign exchange income of around $44 billion.
