The newly-elected president of the International Textile Manufacturers Federation (ITMF), K.V. Srinivasan, has emphasized the immense potential for India to tap into the international textile and apparel market. Speaking at a press conference, Mr Srinivasan highlighted that global buyers are increasingly looking to diversify their sourcing away from China, thereby creating favourable opportunities for Indian suppliers. However, he also acknowledged the challenges faced by the industry, including a decline in global demand and high inflation.
Surprisingly, even during the festival season in India, the demand for textiles remained disappointingly low. However, Mr. Srinivasan expressed optimism, mentioning that there were areas within the Indian industry where competitiveness could be improved. To drive collaboration and knowledge sharing within the industry, the ITMF organizes annual conferences and conducts monthly surveys involving stakeholders from the entire supply chain.
To honour Mr Srinivasan’s appointment as the first South Indian to head the international association, the Southern India Mills’ Association organized a felicitation function. As part of the event, Christian P. Schindler, the Director General of ITMF, provided a virtual presentation on both the long and short-term developments in the global textile industry. The latest survey conducted in November revealed that the majority of participants considered the current business situation poor but held optimistic expectations for the future.
