Ravi Capoor, IAS, Secretary, Ministry of Textiles, advised the stakeholders to focus on value added MMF segment, technical textiles, scale of operation and indigenous textile machinery manufacturing facilities to make Indian textiles and clothing industry globally competitive and grab the post-COVID-19 opportunities.
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According to a report of analytics firm Fitch Solutions, Asia is expected to remain a dominant player in garment production over the coming decade even as China looks to reduce its apparel manufacturing operations and move up the value chain. In spite of this, India and Indonesia, which offer low-cost cheap labour and large domestic markets, may not be able to take advantage of the situation due to the lack of conducive business conditions.
The sector has been under immense financial stress as operations have been curtailed due to the lockdown but overhead cost still remains to be borne by the companies.
Indian apparel businesses could face up to 40 per cent loss of revenue and many smaller players are contemplating closure.
Majority of India’s businesses are small  99 per cent of them have an
annual revenue of less than Rs 2.5 billion.
The textile industry is keeping its fingers crossed over the emerging threat of coronavirus in the months to come.
The textile industry is keeping its fingers crossed over the emerging threat of coronavirus in the months to come.