Indian textile industry eyes global opportunities amidst challenges
20 December 2023, Mumbai
India's newly-elected president of the International Textile Manufacturers Federation (ITMF), K.V. Srinivasan, sees a significant opening for the country in the global textile market.
With international buyers seeking alternatives to China, India has a prime opportunity. However, global demand slumps and rising inflation pose challenges.
Granularity
Srinivasan notes surprising domestic textile demand lows, even during festivals, emphasizing room for Indian industry competitiveness improvement.
The Southern India Mills' Association (SIMA) recently felicitated Srinivasan, with ITMF Director General Christian P. Schindler highlighting global industry dynamics in a virtual presentation.
Key takeaways:
- Shifting global demand presents a golden opportunity for India's textiles.
- Domestic competitiveness and internal demand need urgent improvement.
- ITMF offers a platform for India to voice concerns and share best practices.
- Innovation and sustainability are key to long-term success.
