VP Naidu urges textile industry to develop culture of innovation

New Delhi [India], Jan 7 (ANI): Vice President M. Venkaiah Naidu on Sunday called upon the textile industry to develop a culture of innovation, diversify products and tap newer markets for increasing India's exports share in the global market.
Addressing the outreach event on 'Accomplishments and Way Forward for Textile Sector', the Vice President acknowledged that India's export performance has not been up to expectations for a variety of reasons.
"It cannot be business as usual and the industry has to rise to the occasion and ensure that the share of India's exports reaches double digits from approximately 5 per cent at present. You need to diversify your products and tap newer markets," he added.
Pointing out that India enjoys a unique advantage of having abundant raw materials and the presence of manufacturing in all segments of the textile value chain, Naidu asserted, "The sector needs to improve supply chains, focus on research, cost optimisation and scaling-up to achieve greater competitiveness and a higher share in the production and export of top items traded in global markets."
Observing that this was the ideal time for the industry to discard outdated technology and modernise its machinery to be globally competitive, he added, "The availability of raw materials, low cost and skilled manpower was an added advantage for the Indian textile industry, which is expected to reach USD 223 billion by 2021."
The Vice President emphasised that quality has to be the mainstay for India to sustain exports in the global market in the face of stiff competition from Bangladesh and Vietnam.
Referring to various measures taken by the government like allowing 100 per cent FDI and Technology Upgradation Fund Scheme to accelerate textile industry's growth, Naidu advised the industry to focus on innovation and value addition for improving the global competitiveness of the Indian textiles and apparels.
"Innovation is the key. We have to come up with innovative and exclusive products if we have to expand our footprint in the global arena", he added.
Naidu also stressed the need for promoting waterless dyeing by adopting new technology.
At the event, the Vice President presented the Threads of Excellence Awards to various organisations and individuals who have shown their excellence in the textile industry. (ANI)