Paramount Looms Pvt Ltd
After completing my MBA in Marketing, my mission is to elevate India's Textile industry to the number one position worldwide. I am committed to empowering passionate textile entrepreneurs by offering them top-quality, technologically advanced weaving machines. My primary focus remains steadfast on fostering innovation within the Textile weaving machinery sector.
As a child, I was captivated by the intricate and therapeutic process of weaving fabrics, which inspired my choice to enter the textile industry.
The Indian textile weaving machine market is significant, importing thousands of machines annually. Indian manufacturers are innovating slowly due to zero import duty on foreign machinery, which allows European, Japanese, and Chinese manufacturers to dominate. To upgrade technology, the government should invite foreign manufacturers to establish local production facilities, incentivizing them to do so. Combining import restrictions and incentives can help level the playing field. The Indian market is attractive enough for European and Japanese manufacturers, but initiating discussions with them is crucial for progress.
In recent years, Indian textile machinery manufacturers have made remarkable progress in closing the technology gap with Europe. They are gaining global recognition, with countries like Turkey, Russia, and African nations expressing interest in Indian machinery. There is a call for a focus on robotics, automation, sustainability, and AI technologies in the industry.
Promoting the "Make in India" initiative is essential, and Indian textile machinery producers should aim to create superior machines that outperform those of other nations. This approach can lead to the export of high-quality fabrics worldwide.
The government should actively endorse "Make in India" and "Atmanirbhar Bharat" initiatives by implementing policies that compel global textile manufacturers to produce machines in India in partnership with local manufacturers. This move is vital to strengthen the Indian textile industry and develop a self-reliant machinery sector. Encouraging investments in local machinery production, whether through joint ventures or independent development is crucial to support the growth of the technical textile industry.
India's textile industry needs to prioritize technology adoption and systematic research to reach new heights. The lack of these elements has hindered India's global presence in terms of brands, products, and processes. To address this, innovation and R&D are crucial, requiring collaboration between the government and industry. Immediate priorities include business process innovation, brand building, and design creation.
India should also position itself as an eco-friendly hub in the global textile and apparel sector to address environmental concerns. Additionally, addressing the shortage of skilled labor and the need for education and training workshops are essential for industry expansion, both domestically and globally.
Young and aspiring entrepreneurs should embrace this moment to invest in comprehensive research and development across the textile value chain, with the promise of reaping substantial rewards in the future. They should equip themselves to manufacture high-tech products. Collaboration between fabric manufacturers, exporters, and machinery manufacturers can yield innovative fabric qualities and fashion textiles that cater to global importers. Also, I feel that many diverse sectors in the textile industry are still unknown to the larger masses of the country, and young entrepreneurs can benefit by exploring the opportunities in those sectors as well.
Author: The Yarn Bazaar
Published By: The Yarn Bazaar