21 December 2023, Mumbai
New ITMF Chief Sees Opportunity and Challenges
K.V. Srinivasan, freshly appointed president of the International Textile Manufacturers Federation (ITMF), paints a promising picture for India's textile industry on the global stage.
China Exit Boosts India; He sees a golden opportunity as international buyers seek alternatives to China, yet acknowledges hurdles like subdued global demand and inflationary pressures.
Speaking at a virtual event organized by the Southern India Mills’ Association (SIMA), Srinivasan, recently acclaimed by SIMA, pointed to a surprising trend: even during festive periods, domestic textile demand in India remains disappointingly low.
This, he asserts, highlights the urgent need for the Indian industry to boost its competitiveness.
Schindler Urges India to Embrace Change
ITMF Director General Christian P. Schindler added to the discussion, outlining global industry trends and emphasizing the vital role of innovation and sustainability in navigating the current landscape.
Golden Gateway Opens for India
Srinivasan's optimism stems from the growing international demand for textiles outside China.
This presents a significant opening for India's robust textile sector, already well-positioned with its established infrastructure and skilled workforce.
Double-Edged Sword; However, he also cautions against underestimating the challenges.
Weakening global demand and inflation add complexity to the equation, and domestic factors like sluggish internal demand require immediate attention.
ITMF President Outlines Global Trends
Srinivasan's leadership at ITMF marks a pivotal moment for India's textile industry. His call for enhanced competitiveness and a focus on innovation resonates with the need to harness the current opportunity and solidify India's position as a leading force in the global textile market.
Key Takeaways: Optimism and Caution for India's Textile Sector
- India has a strong potential to gain from shifting global textile demands.
- Domestic competitiveness and internal demand require improvement.
- ITMF offers a platform for India to voice its concerns and share best practices.
- Innovation and sustainability are crucial for long-term success.
