In the first 10 months of 2020, India had benefited by focusing on USA for apparel sector, US makes a compelling case for Indian for immediate growth. US offers a level-playing field with top competing nations in terms of duty combined. India needs to intensify efforts and focus on all levels, including those at the government, cluster and companies to grab share in the US markets.
Prabhu Dhamodharan, Convenor, Indian Texpreneurs Federation (ITF), feels, " To repeat the success of 2020 in the US market for our apparel products, it’s time now for achieving the much needed growth in 2021,India should focus more on US market, as Vietnams Free Trade Agreement (FTA) with the European Union would intensify competition for India” he further adds.
Stressing on value addition with new capex, he said using the low-interest and easy liquidity combined with robust demand during post-COVID-19 times, the sector can hit the target of 20 per cent increase in per product revenue. The sector should use the forthcoming production- linked incentive scheme as the stepping stone for much-needed product diversification and innovation to attract global buyers.
Stating that all manufacturing units need to invest in technology adoption and digital initiatives, he said to equip the industry and eco system; culture-building of having an agile mindset is the forward to institutionalise the success.