√ Smart Factories, FTAs and Emerging Manufacturing Destinations biggest disruptions in Textile sector
√ Investment in large scale facilities, New technologies and Manufacturing excellence is the way forward
Global textile and apparel Industry is going through disruptive times. Buyers are looking to diversify beyond China and opening opportunities for other countries. However, China is still disrupting the global value chain and investing in emerging manufacturing destinations like Vietnam, Bangladesh, Ethiopia etc. on a large scale and also building smart factories that will give them a competitive advantage.
In order to compete globally and win in the disruptive times, India needs to adopt manufacturing excellence and service orientation” as per a FICCI – Wazir Advisors Textile industry report on Winning in disruptive times released at FICCI TAG 2020 annual seminar in Mumbai recently.
“India comprises a large fragmented industry and hence it is important for large anchor players to engage with smaller players and integrate the supply chain for bringing efficiencies. Further Indian companies need to adopt latest technologies and build smart factories that are digitally enabled with the value chain.
Skilling of middle and top management is also important so that they are geared to follow best practices and build efficient and service oriented business. Indian domestic market is also growing and needs to be serviced with agility” said Prashant Agarwal, Co-Founder and Joint MD, Wazir Advisors while giving a presentation on the report.
Report also stressed upon Government’s policy intervention to help in neutralizing cost disadvantage with global competitors and also help build infrastructure to produce large scale manufacturing zones with focus on manufacturing excellence and sustainability.
R D Udeshi, President – Polyester Chain, Reliance Industries Ltd stressed upon the product delivery time and quality and finishing of product as per the international standard to remain competitive in the global market and companies should focus on value addition and skill development.
Rahul Mehta, Managing Director, Creative Garments Pvt Ltd opined that Indian companies should stop being scared of scaling up and start manufacturing clothes closer to the place of raw material and cheaper labour instead of being close to the place of market.
Agility, speed and transparency is the key to win in disruptive times said Rajendra K. Rewari, Executive Director & CEO, Morarjee Textiles Ltd. He also said that we should bring young talent in the business in this disruptive time and to attract this talent we have to change the system of our business and make our industry more remunerative.