Preparing for the future textile industry

India is a farming major which contributes 14% to GDP and 51% of workforce depends on it. Farm-based sectors like textile are important to Indian economy. India is second largest producer of silk and cotton. It also has significant share in international wool industry. Overall India is second largest producer of textile giving direct employment to 4.5 crore people. Textile contributes 14% to industrial production. Importance of this industry can be seen by the effect it has on other related industries.

But even after so much progress we are not working at required level of efficiency and productivity. There is high internal competition in the industry and even at global level we are not able to compete with countries like China, Bangladesh and Vietnam. Although we are becoming more technology conscious but we are still lacking some factors which are important for growth.  

To improve the profitability we need to manage costs, reduce waste and serve customer better. We need to change our thinking towards use of technology and adopt new practices. We should open ourselves to research and technology providers who can help improve our business. We need to learn from other people mistakes. Other countries have outgrown with even lesser resources.

There are many opportunities waiting to be explored by efficient and productive businesses.

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