Textile Industry- What Future Holds in Year 2021 And Beyond |
Posted: June 29, 2021 |
Organizations despite their size and industry set goals for the future before even acknowledging what they are currently in the process to achieve. Often, many wonder why organizations do this in the first place? The answer is simple- the future decides the longevity and growth of an organization amidst the hassle and cut-throat competition. But goals can quickly fall on the second priority list if the organization fails to adapt with time. An approach that worked in favour of an organization can soon turn out to be a bane if the business ideas are inflexible and inapplicable to the future. Indian textile industry Indian textile industry has finally entered into an era of technology where they will have threats of opportunities to even expand to unrestricted markets while replacing traditional approaches with new technologies. However, as many suggest the change won’t happen overnight but the constant pressure the industry has been facing for a decade now has finally pushed it to the edge ensuring grasps of future trends to make survival easier than before. It is crucial to come up with a plan that caters to the needs of the future sustainability of industry and businesses serving within. The textile manufacturers in India are taking steady steps to comprehend the current trends and the demands of global customers to come up with final products that focus on the requirements of future generations. Challenges that the future poses The merge of traditional approaches with advanced technology will lead the path of innovation of specialty fibres that will further contribute to the growth in the future. Forecasting the exact challenges of the future is indeed out of the question but there are some current challenges that can pose hurdles in the way of progress. It includes: -
Apart from these the exhaustion of resources, the pattern change in climate, and lack of adoption of technologies are some of the challenges that influence the decisions of home textile manufacturers. Textile Vision 2025 The demand for the textile industry will rise in upcoming years as the global population will hit the mark of 8.1 billion in 2025. With the turn of events in a few years, the textile manufacturers in India are expected to grow at the rate of 20% for the next four years, touching the level of $300 billion by 2025. Government initiatives to boost the textile industry The Government of India is understanding the value of the textile industry and its potential to drive more change into the economy. In 2019, the Ministry of Textile, Government of India 207 HSN codes to help the industry to monitor the import and export data, with a purpose to financially support the home textile manufacturers. The Government initiatives include:
The future is here! The future plan of the textile industry can be changed according to the instinct to survive in the competitive market. However, the current implementation of change in technology can indeed lead the market growth in a positive direction. On the top, knowing the competition, and skills to tackle the challenges can help to tackle rising challenges while ensuring the industry stays socially, commercially, and globally ahead. Moreover, if you are looking forward to investing in the growth of the textile industry, then look no further than GHCL- one of the leading names in textile manufacturing. For more information, visit the website.
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