Hosiery’s unstoppable rise in value

We see the customer leaning more and more towards clothing that is fuss-free, casual, and comfortable and low-maintenance as far as every day wear is concerned, says Vinod Kumar Gupta.

Indian textile industry is one of the few that has been contributing to the nation’s growth. Post-independence, most governments have realised its potential as a cash cow that’s been contributing without fuss to the country’s GDP as a labour-intensive and cash-rich sector.
Today, there are 45 million direct jobs and another 100 million in allied sectors of the textile industry. This is a staggering number. The textile industry continues to contribute handsomely to the nation’s exchequer with 4 per cent to the global trade in textiles and apparel and 2 per cent to the GDP as per statistics.
That the Indian textile industry has historically occupied top spot in global trade is a well-known fact. An independent nation saw the sector picking up robust growth and over time, claiming the 5th spot in the global textile and apparel market.
While Indian textile exports have exhibited healthy growth in 2022-23, there are issues of inflationary pressures, global supply chain challenges owing to political situations in many nations and macroeconomic headwinds that have consequently resulted in dwindling demand.
I feel a concerted focus that eliminates the challenges the industry is facing currently will certainly help the nation and sector to be an even bigger player in the global market.
In collaboration with inclined State Governments, the Government of India intends to establish seven PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks in Greenfield/Brownfield locations. The scheme aims to build a contemporary, integrated, large-scale, world-class industrial infrastructure, including plug-and-play facilities, with a budget of Rs 4,445 crore between 2021-22 to 2027-28. The allocation for PM MITRA parks has been enhanced from Rs 3 crore to Rs 200 crore in the Union Budget 2023-24.
I am of the view that as per the earlier National Textile Policy of 2000, the Government of India should remain committed to facilitate the industry to attain and sustain a pre-eminent global standing in the manufacture and export of clothing. We need both strategy and competent officials to implement areas of vital importance like technological upgradation, productivity enhancement, quality consciousness, strengthening supply of raw material base, product diversification, increase in exports, innovative marketing plans, easier financing arrangements, maximising employment opportunities, as well as integrated HRD. All these have been touched upon in the Preamble of the NTP 2000.
The current trends in the market are interesting. We see the customer leaning more and more towards clothing that is fuss-free, casual, and comfortable and low-maintenance as far as every day wear is concerned. Athleisure, designed for everyday wear as well as exercise, has carved a category all by itself. The fabrics used for manufacturing this range are stretchy, breathable, and moisture-wicking. This range can be easily mixed and matched with other clothing. As far as innerwear is concerned, it has come to represent both comfort and style. Innerwear has now evolved to represent fashion, elegance, and persona of the wearer. There are newer innerwear styles you can choose from every season. With affordable incomes, youngsters have added innerwear in their “must-have” clothing lists.
As an ongoing process we are forever exploring newer approaches at Dollar Industries. Our team is agile in keeping abreast of news in the fashion industry and exploring future trends. We process data that is relevant to us, repurpose it for our customers, and launch products with a view to ensure sales. As such, we are all for product diversification that has almost been the name of the game over the past years.
Our 4 plants across the country are equipped with the latest, state-of-the-art technology for end-to-end textile weaving and printing. So, we will continue upgrading and adapting to the latest technology in our field to produce world-class products.
In my opinion, the textiles industry, including the hosiery industry, is a time-tested sector that has been continuously adding value to the nation’s economy. This year, with increased demand, it is poised to witness a revenue growth of 20 per cent approximately backed by a revival in rural demand.

About the author:

Vinod Kumar Gupta is the Managing Director of Dollar Industries. He is professionally qualified and is a Member of the Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretaries of India (ICSI). He has about three decades of experience in the field of finance, marketing and administration. Presently he is looking after overall management of the Company