New Delhi, Jan 7 (KNN) The Vice President of India M Venkaiah Naidu has called upon the textile industry to develop a culture of innovation, diversify products and tap newer markets for increasing India’s export share in the global market.

He was addressing the outreach event on ‘Accomplishments and Way Forward for Textile Sector’ and presented ‘Threads of Excellence Awards’ to various organizations and individuals who have shown their excellence in the textile industry.

Pointing out that India enjoys a unique advantage of having abundant raw materials and presence of manufacturing in all segments of the textile value chain, Naidu said the sector needs to improve supply chains, focus on research, cost optimization and scaling-up to achieve greater competitiveness and a higher share in the production and export of top items traded in global markets.

Observing that this is the ideal time for the industry to discard outdated technology and modernize its machinery to be globally competitive, Naidu further added that the availability of raw materials, low cost and skilled manpower is an added advantage for the Indian textile industry, which is expected to reach US$ 223 billion by 2021. 

The Vice President said that quality has to be the mainstay for India to sustain exports in the global market in the face of stiff competition from Bangladesh and Vietnam

Referring to various measures taken by the government like allowing 100 per cent FDI and technology up-gradation fund scheme to accelerate textile industry’s growth, the Vice President advised the industry to focus on innovation and value addition for improving global competitiveness of the Indian textiles and apparels.

“Innovation is the key. We have to come up with innovative and exclusive products if we have to expand our footprint in the global arena”, he added. He also stressed the need for promoting waterless dyeing by adopting new technology,” said Naidu.

The Union Minister for Textiles, Smriti Irani; Minister of State for Textiles, Ajay Tamta and other dignitaries were present on the occasion.