The centuries-old Indian textile industry is ushering in a new era of growth under the leadership of a young generation of entrepreneurs who are willing to brave the odds and shoulder the responsibility of carrying their family businesses to the next level of growth.
The textile industry in India is affected by fluctuations and uncertainty in raw material prices, shortage and lack of skilled labor, high capital investment and stringent laws governing pollution and environmental concerns. All these factors are not really encouraging for any young entrepreneur to building his career.
Given this reality, Indian textile companies, which are predominantly family owned, have been quite fortunate that the Next-Generation have willingly come forward and taken up key responsibilities. Many of the new projects and diversifications are being spear-headed by these young minds who are daring to take on the challenges that come their way. They have set high targets for themselves and for their organization, giving their best to stay on top.
The future for the Indian textile industry looks promising, buoyed both by strong domestic consumption and export demand. Indian companies are investing in the best technology, expanding capacities and entering new product lines. The next exciting phase of growth is clearly in the hands of the Young-Generation of Entrepreneurs who are well prepared to take advantage of the future growth opportunities.
This is the beginning of a series of articles on this topic, and we will continue to encourage and support more such Next-Generation entrepreneurs who enter our industry. We wish everyone the very best as they embark on this successful journey.
By K. Gopalakrishnan & Rajeswari Prasad