5 Major Challenges Faced by Textile Mills Today Posted: May 2, 2018 |
The textile mills have always played a dominant role in the textile industry. With the changing time and globalisation, it has become difficult for the mills to keep pace with the changes. To remain updated with the new technology and new trends, a large amount of investment is needed. An engineer loan could provide some assistance to the mills for making investments for embracing the new technologies and maintain the walk with the continuously changing market. Ongoing trends in textile markets have a major effect on the textile products. The industry is facing many challenges because of the increasing awareness and the probable results of environmental regulations on the whole supply chain of textile business. These challenges will even disrupt the future business if not dealt at the initial stage.
5 major challenges of textile mills The major challenges faced by the Indian textile mills are: 1.Thescarcity of raw material The major raw material for any textile industry is cotton, which should be in an uninterrupted supply. Because of the changing environmental conditions, global warming, and degrading soil quality, the raw cotton production has hit a new low. Much efforts have been made to increase the production, yet the supply mostly falls short of demand. It is one of the major concerns of the textile mills, which is affecting the whole industry. A major portion of the staple cotton need is met by importing them from other countries, which is eventually hitting India's import-export trade. 2.Outdated and obsolete machinery Most of the mills in India are old and is equipped with old and obsolete machines. Outdated and old machines result in low productivity and inferior quality of textile. Only a few mills in India is automated, and the majority are said to be about 25 to 30 years old, which makes them obsolete. To keep the pace with the current and quick changing trends, textile mills need to be automated and should be equipped with the latest and updated machines. This will not only increase the production but also produce superior quality fabric. To make the mills automated and buying new equipment, one needs to have a good sum of money in hand. A loan for engineer can help the mills to cope up with their financial troubles and initiate the process of advancement. 3.Inconsistent power-supply The production of the mills is much hampered because of the unpredictable power supply of the country. Everyone is aware of the power-cuts and the power-supply conditions in India. It is important that the power supply to the mills remain constant and undisrupted for continuous production. Buying a generator set with an engineer loan's money can help cover power issues. 4.Strong competition The ever-changing trends, easy availability of import items, growing needs of consumers and world exposure has made the industry to face challenges. Now, when it has become easier to buy items from different countries through the internet, people now prefer to go online. The textile mills have to face stiff competition from synthetic fibers and products from other countries. To beat the competition, mills need to invest more funds and effort. For their fund requirements, they can rely on an engineer loan that is now offered by most of the leading online lenders. 5.Sick Mills The above-mentioned factors acting alone or in combination have resulted in many sick and futile mills. To keep pace with the changes, it is necessary to wind up the sick units or invest in them to get updated and fruitful units. For this purpose, the owners can invest in buying new equipment, discarding obsolete machinery, train the labors, and maintain a good relationship with the partners. For all such investments, the owner can take help of a loan for engineer. It will assist them in buying advanced and costly machinery and upgrade their mills. When you think to upgrade your mill, the major issue comes with the financial management. To cover up the leftover needs of the mill, an engineer loan can be of great help. It will provide you with some amount of fund which can be utilised to upgrade and thrive the textile business. So, let's know a little more about this loan facility!
Benefits of an engineer loan to the textile business
The engineer loan interest rate is affordable and easy to repay. You can get them at an even lower rate if you hold a good credit history. The Bottom Line Now when you know that an engineer loan can benefit the textile business, you must ponder over it and find the right way to move ahead to upgrade and scale up your textile mill. To avail the engineer loan benefits, go ahead and apply online today.
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