A holistic approach can grab space vacated by China in textile sector: SIMA

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November 23, 2023 Textile and clothing sectors must have a holistic approach with a long-term vision to seize the opportunity in the global market, industry officials said on Saturday.
Textiles and clothing industries are the second largest employment provider after agriculture generating Rs 30,000 crore as Goods and Services Tax revenue and USD 44 billion foreign exchange earnings, officials of Southern India Mills' Association said.
The industries have been facing challenges in the recent past mainly due to structural issues on the raw material front, high cost of production, scale of operation among others, SIMA Chairman S K Sundararaman said.
The Association would strive to address structural issues and enhance global competitiveness, he said.
According to association officials, the NDA government has been giving major thrust for enhancing the global competitiveness of the textiles and clothing industry and addressed several issues.
"However, the policy pitfalls in certain areas and delay in strengthening the raw material base, refunding government dues have been affecting the industry to achieve a sustained growth rate," he said in a press release.
Though several States provide attractive incentives, there is an undue delay in disbursing the committed benefits on time resulting in several financial stress for the new investments made, SIMA said.
"Under this scenario, it has become essential to have a holistic approach with long term vision not only to grab the space vacated by China in the textile trade but also to achieve a sustained growth rate," he said.
Sundararaman urged the Union Minister of Textiles Piyush Goyal to exempt VSF (viscose staple fibre) imported under the Advance Authorisation scheme and all the special and value-added fibres and filaments are not manufactured in the country immediately.
He expressed hope the free trade agreement with the United Kingdom and the European Union would enable the country to double its exports.
Sundararaman, who is managing director, Shiva Texyarn Ltd, Coimbatore, was elected unanimously as the Chairman for SIMA for the year 2023-24. Pallava Textiles Pvt Ltd executive director Durai Palanisamy was elected deputy chairman while the Managing Director of Sulochana Cotton Spg Mills Pvt LTd, S Krishnakumar elected Vice-Chairman.
source : https://www.business-standard.com/

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