How the Indian Textile industry can work collectively towards achieving the $100bn textile export goal

Dipali Goenka, CEO & Jt. MD, Welspun India Limited

The Textile industry in India contributes almost 15% to the country’s total exports. Over the years, the industry has seen significant progress, and the Government of India has consistently given the industry the push it needs to reach its potential and maximize profits for the country. One such goal we have in front of us today, is becoming a $100bn textile export economy.

The key to achieving this target lies in us coming together as an industry, lending each other a helping hand, and working towards collective growth by leveraging each other’s strengths and promoting healthy competition. At Welspun India, we have taken this vision head-on and sprung into action to design a blueprint for reaching this goal. With the increasingly unstable market in Q2 of FY22 caused by the decline in demand from our key export markets and rising raw materials prices, we foresaw a few challenges along the way. It is safe to say, however, that the future looks optimistic.

How businesses can keep up the momentum?

The answer lies in innovation. We, as an industry, need to employ new technologies to boost yield and ensure the quality of raw material used. At Welspun India, farming innovation has taken centre stage since we launched our patented spinning process for Hygrocotton. Over 16,400 farmers are benefitting from our Wel-Krishi initiative. A team of 65 experts guides farmers on pest management, crop nutrient management, efficient water usage, accessing government schemes, and most importantly, how to get an increased yield without compromising on quality. The more brands take it upon themselves to aid farmers in improving the quality and quantity of their yield, the further this industry can grow while taking a big leap towards sustainable processes.

Businesses can also work towards customising technology to fit their needs. Improving traceability on fabric is crucial to improving consumer loyalty, and textile companies can use innovative technology to their advantage here. For instance, Welspun’s Wel-Trak is a blockchain-enabled pioneer in traceability technology. It enables consumers to track the origin as well as the supply chain of their fabric, ensuring complete traceability. Welspun has also established ancillaries for spinning, trimming, and packaging material. The on-site set-up of ancillary supplier units ensures immediate access to the key intermediate products. Processes across the supply chain can be similarly optimised to remedy the pain points specific to each brand.

Textile companies should also prioritize quality at all times, as providing products of the highest quality to consumers can ensure loyalty and continuous demand, thus boosting collective growth for the industry. Additionally, it helps if organizations focus on training their workforce in sector-related skills as well as advanced technology. Last but not the least, Sustainability and ESG should be a core pillar for all. Consumers today are inclined toward supporting brands that care about the planet, and we as textile manufacturers need to provide that.

In conclusion, the goal of becoming a $100bn textile export economy might seem somewhat ambitious to us today, but with a few changes across manufacturing coupled with technological advancements, it is certainly achievable. As we step into the new year and look toward new opportunities, I am sure that the textile industry will come together as a whole to map out targets for the next five years, and make this vision come true.