How do you envision the trajectory of the Indian industry in the coming years, and which sector, be it yarns, fabrics, or apparel, do you believe holds the most promise?
The Indian textiles and apparel (T&A) industry is poised for significant growth in the coming years. Being the most populous country in the world, India has a big domestic market for T&A products to cater to. With the growing GDP, disposable income is also on the rise and people are expected to spend more on T&A products in the future. Moreover, with the support of policies such as PLI (production-linked incentive) and PM MITRA (PM Mega Integrated Textile Region and Apparel), our exports are also expected to become at least double in the next few years. In a nutshell, as a result of the conducive environment, the Indian T&A industry is all set to become a $350 billion market including $100 billion exports by 2030 with an increased focus on sustainable practices, technological advancements, and innovative business models to enhance competitiveness.
India is among the few countries in the world which has the presence of the entire textile value chain ranging from fibre to fashion. The Government of India is working towards the holistic development of textiles as a whole and not just as a particular sector. The future of all the sectors looks promising and all sectors are expected to contribute equally to towards the success of India’s T&A industry.
With changing laws and regulations in the US, UK and EU focusing on sustainability and due diligence, how prepared are Indian exporters to face these challenges? What initiatives are being taken to align domestic players with these requirements?
The evolving sustainability landscape in the US, UK and EU necessitates a proactive approach from Indian exporters. Both the Government and industry have been actively working towards the same. The Ministry of Textiles has already formed a dedicated ESG task force that is working towards identifying the sustainable technologies that can be incentivised for better adoption by the industry as also integrate the same with their existing technologies.
The Indian textiles industry on the other hand, is also leading the way towards adoption of the sustainable practices with many businesses establishing sustainability and circularity throughout their entire value chain, including raw material procurement, production, supply chains, and waste recycling.
Various industry associations as well as the Government are actively working to educate and equip both exporters and domestic players with the necessary tools and knowledge to meet international sustainability standards through regular informative webinars and stakeholder consultations.
As the Chairman of CITI—with a significant number of MSMEs and SMEs not fully embracing sustainability—do you have plans to raise awareness and guide these entities towards sustainable practices for both environmental and economic benefits?
Indeed, promoting sustainability across all segments of the industry is a priority for CITI. We have comprehensive plans to sensitise MSMEs and SMEs about the importance of sustainable practices. CITI is regularly organising informative webinars towards the same. In fact, CITI has started a series of webinars around ESG where top industry experts share their knowledge and expertise on sustainable practises with the industry.
Moreover, CITI has also started the CITI Textile Sustainability Awards which are aimed at encouraging and recognising the commendable efforts of the Indian textiles sector towards adopting sustainable practices not just in their production planning but also in HR practices. Through these awards CITI is also working towards not just creating awareness of the best available sustainable as also good disclosures and reporting practises but also motivating the industry for the adoption of same for long-term viability.