K.V. Srinivasan, the recently elected president of the International Textile Manufacturers Federation (ITMF), stated that India has a significant opportunity to enter the global textile and apparel market.
The first South Indian to lead the worldwide association, Mr. Srinivasan, informed reporters here on Tuesday that foreign customers desired to source more from nations other than China. Opportunities for Indian suppliers were presented by this. However, the worldwide industry has been negatively impacted by the decline in demand and increasing inflation. In addition, even during the festival season, there was “surprisingly low demand for textiles” in India.
In certain areas, there remained room to increase the Indian industry’s competitiveness, he continued.
In addition to hosting a three-day yearly conference, the ITMF polls supply chain stakeholders once a month.
The Southern India Mills’ Association hosted a felicitation event, and Christian P. Schindler, the Director General of ITMF, gave a virtual presentation about the short- and long-term trends in the global textile business. The majority of respondents to the November survey stated that the state of business was bad right now and that they had high hopes for the future.
