The author is CEO & MD, Weispun India Led
As we approach azadi ka amrut mahotsav, the evolution of the Indian textile sector, from pre- colonial times to today, is an inspiring story, and the entire supply chain has played a critical role in this. India has a rich heritage of textile and, now, we are one of the world's largest textile producers.
Significant contribution With the establishment of the first textile mill in Calcutta in 1818. our coun- try entered the modern era. Thanks to a solid base of raw materials, years of extensive experience and a siz- able and expanding domestic market with sufficient labour strength, the textile industry in India is now on the path of profound growth and changing with reforming times. By 2029, it is expected to grow by more than $209 billion.
Growth and transformation The textile indus- try has undergone rapid transformation, by devel- ping world-class manufacturing infrastructure, modernising technology to foster innovation, improving skills and utilising the sector's histor- ical advantages in line with the objective of ensur- ing inclusive and participatory development in India. The employment to investment ratio in the textile industry is now positive and favourable.
Welspun has a direct relationship with farm- ers and is dedicated to assisting them with agro. nomic knowledge, improving yields, and obtaining better prices. Our Wel-krishi initiative assists about 16.148 farmers and 85.000 farm workers in 387 vil- lages in growing the most sought-after sustainable kind of cotton. For the benefit of the farming com- munity, such interdependence between farmers and industry must be encouraged. With a clear plan and objectives, we have already implemented proactive changes to our company strategy and operating style to align with the ESG principles.
Government support Our nation is making great strides towards reclaiming its dominance in the global textile sector, with the establishment of the production-linked incentive (PLI) scheme, which has an approved budget of 210,683 crore over a five-year period and other policy measures. With the combi- nation of PLI, RoSCTL and the structural change in the sourcing strategy of the international retailers,India is well-positioned to establish itself as a reliable and competitive source for textiles on a global scale.
Free Trade Agreements (FTAs) would also provide a level playing field for the Indian industry in var- ious markets and significantly enhance the com- petitiveness of the Indian textile sector. The policy prerogative of entering into FTAs with various coun- tries, including advanced economies, such as the EU nations and the UK is a positive one for the entire industry, including the textiles sector. The increased market access would further complement the efforts to boost domestic manufacturing capacity and help industry players to transform themselves into lead- ing global players.
Bright futureFrom the traditional outlook of skilled artisans using manual spinning wheels with the primary goal of manufacturing high-quality tex- tile, the focus for businesses in the space has broad- ened substantially. ESG is a crucial consideration as companies look for ways to implement sustainable practices and governance framework to be environ- ment conscious. I'm delighted to see how corporate leaders are collaborating to make sure the 17 SDGs are accomplished by 2030. Given the nature of the business, which uses significant amounts of natural resources and has an influence on the environment during manufacturing, this is especially important for textile enterprises.
In my opinion, ESG is a significant factor for the textile industry to take into account as manufactur- ers are becoming more aware of their carbon foot- print. Consumers want to live sustainably in the fast-paced world of today. Sustainability in the tex- tile sector is now more than simply a trend; it is a new movement and a benchmark.
India needs to create 90 million non-farm jobs by 2030 and our textile industry is well-prepared to contribute towards this goal. We are excited to collaborate and leverage India's inherent textile strengths to drive the growth towards a $5 trillion inclusive economy. Employers are making workplaces that are meant for the future, by emphasising topics like diversity and inclusion, equal pay for equal labour, worker upskilling and the empowerment of women. These factors will still be important for the sector in the future. The Indian textile industry has grown incomparably from its humble origins and we are delighted to be a part of a sector that has played a significant role in determining our nation's socio- economic development.