Page 28 - IIMV Vibes 2020_4th March 2021_Final
P. 28
A few landmark innovations witnessed by he “Scheme for Integrated Textile Parks''
the Indian Textile industry over the past (SITP) was also started by the GoI, under
few years are: which 59 textile parks were sanctioned.
Till date, 22 of them have already been
Replacing Polyester fabric with NYCO completed. One of the most recent
fabric for our paramilitary forces initiatives is in the Union Budget of 2020-
Process innovation in the form of 21, wherein a “National Technical Textiles
developing a short process to Mission'' has been proposed from 2020-
manufacture either semi-finished or 21 to 2023-24, with a budget of 211.76
finished products using a loom million dollars.
Development of Hydrophobic textiles
using Plasma technology. In order to Many startups were incubated and funded
develop a sustainable process, and in this sector under the flagship “Start-Up
with the objective of saving salt, water India” scheme of the GoI. One of them,
and alkali composition of textile dye, QuadB, is India’s first 100% customisable
an innovative cationising agent was apparel brand and provides apparel
developed which proved to be very solutions to college clubs, societies,
effective. universities and corporates. Another
With the help of nano-fiber famous startup in this sector is SuTa,
technology, a face mask whose which aims to bring back the traditional
infiltration efficiency was proved to be saree in an economical way, especially for
around 99% was developed to tackle the younger generations. It is also helping
issues like flu and virus. the migrant community by employing
them for the same.
Creating Regulatory
-
-
Reforms Government Impact of the COVID 19
Policy Pandemic
The textile and apparel industry is one of
The current era is rightly hailed as the the worst-hit owing to the impact of the
“Start-up era.” With encouragement pandemic. Domestic sales, as well as the
pouring in from all sides, especially the demand for products abroad, have come
Government of India, the Textile down significantly. Europe and the United
Industry is attracting substantial States are the export destinations, and
investment. The GoI has allowed 100% because they have been severely impacted,
FDI through the automatic route into this so have our sales. However, the COVID-19
sector, along with myriad export pandemic can also be considered a blessing
promotion policies. Due to this high level in disguise for the textile and apparel
of encouragement and investment, sector for all developing economies,
employment in this sector has increased including ours; this sector can fuel the
to 45 million. economy since it is labour-intensive and
also due to the increasing demand for
masks and PPE kits. In the coming days,
Major Milestones in the Indian Textile Sector major western retailers post-COVID will
look for alternatives to China, and India
can grab this opportunity. With
demographic dividend, increased labour
population and proper Labour laws, which
ensure protection for workers as well as
equal opportunities for investors, India can
become the major garment manufacturing
and export hub of the world.
Source: Ministry of textile, IBEF Name: Abinaya. S, Ch. Satya Sravya
Course Name: MBA, 2nd Year
Institution: IIM Visakhapatnam
27
