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Industry is abuzz with activity to promote new thoughts

by Deepak Mohindra

16-January-2019  |  4 mins read

For the first time ever, the Textile Ministry has celebrated achievements both at the personal level and also as a company in the textile value chain. It is not as if individual associations and other councils have not given recognition, but coming from the Ministry, gives the process a whole new dimension.

What is even more significant is the fact that even Government officials who have contributed to various textile projects have been acknowledged for their commitment and hard work. This is truly noteworthy and progressive. Developing and preparing the industry for new challenges and directions has to be a collective effort and from innovations to resultoriented initiatives, everything adds to the effort. By recognising these efforts, not only are the winners motivated, but others too are inspired to move beyond the ‘box’ for growth.

The young entrepreneur awards too, are welcomed, as it is high time that young talent in the industry is brought to the forefront. The earlier generation has laid a strong foundation, now it is time for the new breed to find and lead in new directions.

This enterprising streak is not only good for individual companies as these young people lead, but also for the industry and nation as a whole. As the world changes and norms and boundaries of business evolve, new thought leaders are required to match the pace.

In fact, I am also very excited with the growing number of new start-ups in the textile value chain, mostly on the retail side. These start-ups indicate towards a new India, which is not afraid to take risk but is also adept at grabbing opportunities that were earlier considered unattainable.

I was pleasantly surprised to see that a number of start-ups in retail are coming from youngsters who have an apparel export background. The fathers of many of them were/are garment exporters and taking cue from market demands, these GenNext inheritors are carving out new directions, beyond manufacturing. Of course, not all are going to be the next big retail revolution, but the clarity of intent and the willingness to try something new is praiseworthy. Also, laudable is the support that they are getting from their elders and even peers.

We have always been critical about the fact that the second generation of exporters are not taking interest in the industry and are moving on to other more lucrative options like real estate and hospitality, but now it seems that the time has come full circle and the apparel industry is bustling with activity albeit on the retail side.

And why not, the India retail industry is attracting the world, so why should not our own pioneers seek these opportunities, as the global market converges…? Today, working in a market that is profitable is far more important than just working overseas. Being an exporter is no longer a reason to feel proud. Today, it is about growing, remaining competitive and being a believer of progressive thinking…, whether you are in manufacturing or retail…, whether the market is in the West or the East…, it is the determination to stand strong and to add value which is the differentiator.