According to Pratik Gadia, co-founder and CEO of The Yarn Bazaar, the textile industry in the European Union is eager to capitalise on the advantages of the Indian textile industry and develop a “Make with India” strategy rather than a “Make in India” one.
Making in India is fantastic. However, it appears to have a little unfavourable attitude towards the European sector because it believes that India is not liberalising its imports. This was the main message we heard recently at a meeting between the Indo-European Union and the free trade agreement, he said.
During discussions with the European Union about cooperation measures for mutual economic benefit at the EU-India Leaders Conference at the European Parliament in Brussels, Gadia was one of the Indian representatives. During the event, a separate panel was held to discuss textiles.
With all parties aware of their respective advantages, the EU industry believes it would be better to work together for a transparent win-win cooperation, he said.
“The EU is not just considering transnational cooperation with India or even aiming to boost trade between the two. The question is: how can we jointly increase our share of the global textile market? We’re talking about how to work together to increase our market share in the textile sector as a whole. said Gadia.
While India seeks improved access for its textile products in the union, the EU industry is particularly keen for India to purchase additional machinery. There aren’t many high-quality factories in India that produce spinning or weaving machines, except from a few companies. The majority of the equipment is imported. The collaboration will likely result in a cost advantage, according to Gadia.
