According to reports, the textile and apparel sector is hopeful to achieve much-needed growth in the calendar year 2021. By focusing on USA apparel, 2021 can prove to be a progressing year for the industry since it was initially benefited in the first 10 months of 2020 with it.
“Now, it’s time to step up the efforts to repeat the same success in the US market for our apparel products,” Indian Texpreneurs Federation (ITF) convenor Prabhu Dhamodharan made a statement on Saturday. As Vietnam’s FTA (Free Trade Agreement) with the European Union is set to intensify competition of India, it would result in immediate growth following the competition with the top nations for the US market in terms of duty combined with quick recovery, according to the convenor.
“We need to intensify efforts and focus on all levels, including those at the government, cluster, and companies to grab our share in the US markets,” he added. The industry can make up to a 20% increase in per product avenue by stressing on value addition with Capex while using low-interest and easy liquidity following the huge demand during the post-COVID scenario.
Dhamodharan also believes that using forthcoming production and linked incentive schemes will help in product diversification and innovation that will attract global buyers significantly. “All manufacturing units need to invest in technology adoption and digital initiatives to equip the industry and ecosystem, culture-building of having an agile mindset is the forward to institutionalise the success,” he added.
He clarified that the textile industry is currently doing well with the help of a sufficient liquidity fund that came with the infusion of funds from the Central government’s Emergency Credit Line Guaranteed Scheme. The convenor also said, “The sector needs to utilize the opportunity to maintain the financial discipline to work on shorter credit terms across the value chain to improve the business performance and sustain the recovery momentum,”