Thursday, May 4, 2023

[$100 bn textile export goal. ]

DIPALI GOENKA,CEO & MD.Welspin India Limited.
Picture - Courtesy- Textile Magazine.

How the Indian Textile Industry can work collectively towords achieving the $100bn textile export goel.
The key to achieving this target lies in us coming together as an industriey,lending each other a helping hand,and working towords collective growth by leveraging each other's strengths and promoting healthy competition. At Welspun India,we have taken this vision head-on and sprung into action to design a blueprint for preaching this this goal.With increasingly unstable market in Q2 of FY22 coused by the decline in demand from our key export markets and rising raw materials prices,we foresaw few challenges along the way it is safe to say however,that the future looks optimistic.

How business can keep up the momentum?
The answer lies in innovation, We,as an industry,need to employ new technologies to boost yield and ensure the quality of raw materials used.At Wel Spun India,forming innovation has taken centre stage since we launched our patented spinning process for Hygrocation.Over 16,000 farmers are benifitting from our Wel-Krishi intiative. A team of 65 experts guides formers on pest management,crop nutrient management, efficient water usage, acesssing government schemes,and most importantly,how to getan increased yield without compromising on quality and quantity.The more brands take it upon themselves to aid farmers in improving the quality nd quantity of their yields, the further this industry can grow while taking a big leap towords sustainable processes.
Businesses can also work towords customizing technology to fit their needs.Improving traceability on fabric is crucial to improving consumer loyalty,and textile companies can use innovative technology to their advantage here.For instance Welspun's Wel-Trac is a block-chain-enabled pioneer in traceability technology.It enables consumers to track the origin as well as the supply chain of their fabric,ensureing complete traceability. Welspun has also established ancillaries for spinning, rimming and packing material.The on-site set-up of ancillary supplier units ensures immediate access to the key intermediate products. Proceses across the suply chain can be similarly optimized to remedy the pain points specific to each brand.
Textile companies should also prioritize quality at all times,as providing products of the highest quality to consumers can ensure loyalty and contineous demand,thus boosting collective growth for the industry.Additionally,it helps if organisations focus on training their workforce in sector-related skills as well as advanced technology.lost but not the least,Sustainability and ESG should be a core pillar for all.Consumers today are inclined toword supporting brands that care about the planet,and we as textile manufacturer's need to provide that. opportunities
In conclusion,the goel of becoming a $100bn textile port economy might seem somewhat ambitious to us today.
With few changes across manufacturing coupled with technological advancements,it is certainly achievable. As we step into the new year and look toword new opportunities, I am sure that he textile industry will come together as a whole to map out targets for for the next five years,and make this vision come true.