Time for Tie-ups

When I asked one of the textile industry experts during a textile seminar why India is not moving up fast in textile trade as some countries are doing now,he replied that “we are still averse to collaborations. We stay as islands in the vast ocean of commerce.” It is no secret that a top textile conglomerate recently is scripting a big success story because it is collaborating successfullly with designers and its licensees in a very transparent way, unthinkable a few years ago. India has the potential to achieve a total textile market of $300 billion by 2025, with domestic market growing at 11 per cent CAGR and exports at 9 per cent CAGR. Exploring potential tie-ups and partnerships with leading international players in segments where India’s presence is low like synthetic textiles, activewear, technical textiles, etc should be taken up immediately. Collaborations help a company upgrade in terms of skill sets, manufacturing capacity, design and operational efficiency. Economies of scale, efficient manufacturing system and superior infrastructure have helped some emerging economies to remain unchallenged on the top of the pile of success stories

Only last year, India and Australia signed an agreement for cooperation in the field of textiles, clothing, handloom and fashion.but not many have heard of any follow-up to this, and like many agreements, issues fade in the stream of time. The industry expects the Government to take initiatives to fulfil the promises and vice versa. Everything ends up with blaming each other. According to a study findings, industry is moving towards developing efficient supply chain strategies. Apart from focus of improving productivity, what it needs at present is a scheme to promoting JVs through market intelligence. Use of Information Technology in the industry and focus on service with training across the hierarchy are the best planks to build a successful course of action.