Textile industry leaders believe that the Indian textile industry is at the cusp of a historical opportunity to grab more and more market share from global textile demand with sustainability playing a crucial role in this. Along with the major trends of industry like digitisation and China+1, it is sustainability that will lead to the demand and survival of businesses.
At the ASSOCHAM Global Textile Sustainability Summit, industry stalwarts underline India’s strength and how it can grow more by focusing more on MMF, changes in policies and more thrust on collaboration and innovation.
Pabitra Margherita, Minister of State, Ministry of Textiles, advocated for collaboration and innovation to achieve a sustainable textile industry, stressing that growth should align with social responsibility and economic inclusivity. He underlined that the Ministry of Textiles (MoT) has launched several initiatives aimed at embedding sustainability across the entire textile value chain such as the establishment of an environmental, social, and governance (ESG) Task Force, the promotion of eco-friendly practices, promoting garment recycling and development of biodegradable textile materials.
Rohit Kansal, Additional Secretary, MoT stated that the textile sector is estimated to be worth US $ 175 billion, including exports of US $ 38–40 billion. By 2030, he stated, “We want to attain a US $ 300 billion industry, with US $ 100 billion coming from exports.”
M S Dadu, Chairman ASSOCHAM Textiles and Technical Textiles Council and Chairman, Colorjet Group; Milind Hardikar, Co – Chairman ASSOCHAM and Director Group Strategic Initiatives, Welspun World; Ajay Sardana, Co – Chairman ASSOCHAM Textiles and Technical Textiles Council and President & Head– Petchem- Industry Affairs, Reliance Industries Ltd and Anjani Prasad, MD & Regional VP, South Asia, Archroma and many other stalwarts across the textile value chain addressed the conference.
