Budget 2021: Will Industry Reboot?
Seven textile parks and reduction of import duties on Nylon; cheered the industry.
Was this enough for apparel and textile industry to revive and reboot, I don’t think so.
But I was amazed how veterans and industry experts expressed their satisfaction over the decision.
Was this a real happiness or just a show off to show we are happy?
I do not have the answers.. But what I surely know that the Govt was expected to take some announcements so that the industry which is source of livelihood to so many people can be protected.
“Aatmanirbhar’’ is definitely the right phrase for the moment and this is what manufacturers need to understand.
With extended lockdown in UK and EU, the orders are still slow.
Thus, our team PERFECT SOURCING took the initiative of talking to sourcing heads of leading liaison and buying offices to understand how and where the sourcing will move?
Ironically, most of them have optimistic in fact, views about future of sourcing from India highlighting areas where the scope of gaining lost business is evident.
Active wear, lounge wear, casual wear and performance apparels took the lead in terms of products that are fetching demand and will continue to attract business.
Basic product that is low priced and trendy at the same time is a big hit and that is why discounter stores in the US and EU are experiencing good sales.
This is the time to reinvest in business and make it more productive and efficient to be able to not compete with countries like Bangladesh but also, grab orders coming via China.
Most of the sourcing experts are of view that the opportunities will expand for India in the coming year and business will be back to pre-Covid levels.
This is the time to reboot and prepare for a better business.
Also, with the minimal support from Government manufacturers have to be future ready.
Digitalization, automation, sustainable production and vertical supply chain are some of the areas that will make us ready for the future.
Optimism and self- preparedness is the only way to succeed and survive.
Hope you will enjoy reading the issue and find all the views and analysis interesting.
Looking forward to your feedback as always
OM SAI RAM