Category: General
Country: India
Region: India
By Dipali Goenka
Feb 7, 2023 2:54:59 PM IST (Updated)
The 'Make In India' campaign, while attracting investment and offering new manufacturing opportunities, also ensures constructive government provisions for the development of textile trade. Now, with the new government initiatives, the campaign is expected to get further enhanced for the sector, enabling new growth momentum, writes Dipali Goenka, CEO and Joint Managing Director, Welspun India.
Since its inception in 2014, the ‘Make In India’ movement has seen tremendous progress across all sectors, especially the textile sector. The Indian textile industry stands tall today, in spite of unprecedented volatility in recent times, displaying remarkable resilience with a steady growth.
From the procurement of raw materials to the final stage in distribution to also creating valuable social impact across ecosystems, the campaign is positively transforming almost every process in the business.
Conducive environment
The past year saw the addition of seven new Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) Parks and an added investment of a whopping Rs. 19,000 crores of investments in the sector under the Production-Linked Incentive (PLI) Scheme for textiles. And now, the proposal to accelerate public private partnerships (PPPs) in the latest Union Budget is likely to enhance productivity of extra-long staple cotton.
The 'Make In India' campaign, while attracting investment and new manufacturing opportunities, also ensures constructive government provisions for the development of textile trade and manufacturing.
India also offers affordable labour and freight prices, giving lucrative return on investment, thus making the country a manufacturing hub for brands across the world.
With states and cities encouraged to take up urban planning as recommended in the Budget, the industry can also expect robust infrastructure for manufacturing in the coming years. Besides, 'Make In India' opens up a wide range of distribution channels and access to newer markets around the globe, using the country's friendly ties with numerous countries. This is in addition to the other supportive policies by the government for the same.
New Initiatives
The Indian youth has immense potential that can be harnessed if companies choose to make in India. This is why I am especially gladdened by the Pradhan Mantri Kaushal Vikas Yojana, which aims to skill lakhs of youth in the coming years.
With courses like AI, analytics and mechatronics, the youth of today shall be well equipped to lead India into a new digital age.
The vision to 'Make AI for India' and 'Make AI work for India' is a pioneering concept. The three new centres of excellence for artificial intelligence proposed in the 2023-24 Budget will enable interdisciplinary research to develop cutting-edge applications that shall create a deep impact on textile industry.
We are entering a realm where, along with technological advancement, green manufacturing is becoming the norm. Other initiatives like the PM Program for Restoration, Awareness, Nourishment and Amelioration of Mother Earth (PM PRANAM) and Atmanirbhar Clean Plant Programme show the government’s cognisance of this fact.
Conclusion
Encouraging companies and local bodies to make a behavioural change by introducing a Green Credit Programme is another impressive solution to lower our net emissions.
Overall, the year 2023 will surely bring fresh opportunities for the growth of textile manufacturing and trade. With such strong policy support and capabilities, businesses can take flight into new horizons and explore new markets.
—The author, Dipali Goenka, is CEO and Joint Managing Director of Welspun Ltd. The views expressed are personal.
(Edited by : C H Unnikrishnan)
First Published: Feb 7, 2023 8:50 AM IST
Courtesy: https://www.cnbctv18.com/views/make-in-india-2023-to-bring-fresh-opportunities-for-textile-industry-and-trade-15870401.htm
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