19 October 2022, Mumbai:
We are living in a VUCA world and we will have to live with volatility as there is no single magic bullet. Cotton is a natural fiber; its availability depends on weather and other uncontrollable situations.
Recent months have seen high cotton drama regarding price volatility and demand which can threaten to trigger cotton-poverty. While the present economic situation put enormous stress on the textile sector, it provides a valuable lesson that we should focus both on the supply and demand sides of the textile equation.
3Vs
Given this scenario, our industry should focus on three Vs. :
Value Utilization
Value Creation
Value Addition.
Need for 3Vs
Prior to inflation reaching 9% in some parts of the world, which is a 40-year high, the textile sector focused predominantly on the supply side of the equation, such as the availability of raw materials, labor force, energy issues, etc.
(CREDITS: Seshadri Ramkumar, Professor, Texas Tech University, USA)
