Anticipated Developments in the Indian Textile Industry
The much-awaited election result for parliament (Lok Sabha) in India is out and Prime Minister Shri Narendra Modi ji has been re-elected with the majority for the third term in office, he will be the Prime Minister of India for the third term. This is indeed great news for every industry in India, along with textiles, Modi 3.0 will see a significant improvement in the Indian textile industry including the entire value chain. During many of his previous speeches, Prime Minister Shri Modi ji has emphasised the importance of the ‘5 Fs’ in India’s textile value chain, which are – Farm to Fibre, Fibre to Factory, Factory to Fashion, and Fashion to Foreign. He has also stated that India’s greatest textile strength is its ability to connect the glorious history of Indian tradition with today’s talent technology with traditions. It’s a thread that connects together style, sustainability, scale, and skill. Prime Minister Shri Modi ji also hinted about bigger decisions to be taken to let India grow at a faster pace during his previous speeches. We will all see the developments and improvements in the Indian textile industry in the coming days, here are a few possible scenarios, such as – Digitalization in the complete supply chain, Production with sustainability and green energy, Make in India, Atmanirbhar Bharat, Start-up enhancement, women empowerment, upscale exporting, skill development and so on.
Focus on Raw Materials and Crop Production
Raw materials and crop production, especially cotton may be a top priority for the government, as Kasturi Cotton, launched by the government will be a huge step in strengthening India’s brand value globally. The other natural crops such as Jute, Khadi, Silk, etc will also get significant expansion support from the Indian government.
Expansion of Technical Textiles in India
Apart from handloom, another sector in focus will be technical textiles, it is emerging rapidly in India and is a huge scope for new start-ups. Stepping up the efforts to tap the vast range of usage and consumption for technical textiles in the domestic market as well as export of various segments under the technical textiles such as medial textiles, industrial textiles, geotextile, etc. due to various schemes of government such as rapidly progressing PM Gati Shakti, there is a big demand of geotextile, for various construction projects, road and railway, coastal protection and earth dikes. The rise of the Production Linked Incentive (PLI) Scheme to promote the production of MMF apparel, MMF fabrics, and products of technical textiles in the country, setting up Integrated Textile Regions and Apparel (PM MITRA) Parks and other new schemes will further enhance the technical textiles industry in India.
Skill and Technology Upgradation in the Textile Sector
Emphasize Skill and Technology Upgradation will also be on the agenda for the government going further, there are already schemes available for the same such as SAMARTH, Silk Samagra-2 for the silk sector, ATUFS, TUFS, and so on.
Improvements in Production Policies and Trade Regulations
There would also be improvements in-laws of land acquisition for production units, easing policies such as machinery import duties, TUF scheme, lowering trade barriers and improving output-linked incentive plans, labor reforms, digital infrastructure development, and many more fronts we will see significant improvements and advancements, international trade shows in India supported by GOI such as Bharat Tex and many other improvements and advancements.
Congratulations to Prime Minister Shri Narendra Modi Ji for re-electing and wishing him all the very best and success, we anticipate great developments in the country on all fronts under your leadership.
