Domestic textile players may have to adopt best global practices soon
DOMESTIC apparel industry players may be forced to adhere to best global practices once the India-European Union Free Trade Agreement (FTA) is inked by March 2012.
Experts are looking forward to a ‘wave’ on the lines of the radical changes brought in by the abolition of the quota system (where each exporter had a given quota of exports to every importer) after the finalization of the FTA. In addition, they also see the need to move towards concentrating more on management and professionalism alongside focus on training skilled labor.
In this regard, a senior official admitted contemplating whether the industry was ready for the wave.
While the executive believed that the industry, which is the second-largest revenue earner at $ 12 billion after IT, had the potential to grow to about $ 20 billion, he also felt that one of the major constraints to quick growth was the conventional approach to industry practices.
Source : Exim News Service - BANGALORE, Sept. 12