India Ratings and Research (Ind-Ra) has revised the textile sector outlook to improving for FY22 from negative, reflecting the likelihood of higher revenues and operating margins, post business disruptions led by COVID-19 in FY21.
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During April-December 2020, output of MMF declined by 18.2 per cent y-o-y to 1,319 thousand tonnes on a cumulative basis. The production had fallen sharply in the initial 3 months of FY21 due to COVID-19 induced lockdown restrictions.
Exploring new markets, digitisation, state of the art infrastructure and boost in R&D can reposition India as a leader in the global textile industry.
Finance Minister Nirmala Sitharaman began her 2021 budget speech in New Delhi with a quote by Rabindranath Tagore. FM Sitharaman said, “Faith is the bird that feels the light and sings when the dawn is still dark.â€Â
Donear Industries, with over four decades in the textile industry, is one of the leading manufacturers of wide range of fabrics for the purposes of suiting and shirting in India. Rajendra Agarwal, Managing Director, Donear Industries in an interview deliberates about the new markets and avenues tapped due to COVID-19, expresses his views on the soon to be announced budget and the long term growth strategies for the company.
India’s technical textile industry, still in its nascent stage, is witnessing growing domestic as well as global demand. Can increasing disposable incomes, growing investment, and the government’s power boost turn this into a $5 trillion economy in the next few years?
Anup Rakshit, Executive Director, ITTA. converses about the strengths and shortfalls of the Indian technical textile industry