The new government has brought hope of a revived economy. Various sectors are looking for a facelift with better opportunities and newer avenues for expansion. IE presents a review of sectors and what they look forward from the new regime.
Textile is one of the traditional industries. Striding through various technological and political shifts the industry has been through various phases. Arvind Sinha, National President, The Textile Association (India) briefs. Excerpts from the interview.
Industrial Economist (IE): With the passage of 67 years of independence, how has your sector fared till now?
Arvind Sinha (AS): Textile Sector has fared reasonably well and has seen major ups and downs in the last 67 years. However we have to accept the fact the real growth has started only after Independence. Textile industry is the second largest employment generator after agriculture. There is a huge scope of expansion now though some opportunities were missed to other countries such as Bangladesh, China, and Vietnam. With the new government there is a tremendous positivity among the buyers, overseas and also in domestic market. Governance is looking very positive and dedicated to the public welfare. We are sure if this continues we will see great results.
IE: Do you expect any rapid transformation to take place in your sector in the next ten years?
AS: Yes, we are expecting great results in ten years’ time. The government policies are in right direction. The Prime Minister wants India to be a manufacturing base and I am sure Textile Sector will give maximum support to achieve this target.
IE: Do you foresee any limitations in your sector?
AS: We don’t foresee any limitations in our sector; in fact we have big advantages such as trained manpower, availability of cotton and polyester fibre in huge quantities. Spinning sector has grown very large and now the focus is on garmenting and weaving. We need to improve our processing facilitiesand capacities considering the world as market.
IE: Any suggestion for the new government to improve upon with respect to your sector?
AS: Loans at cheaper interest rate should be available to the manufacturers. We should also get incentives for opening new markets. Since there is a great focus on BRICS region there should be special promotion policy for Textile Sector.