"Our strategy will be built on four planks -- sustainability, innovation, verticalisation and multi-fibre," company's Chairman and Managing Director Sanjay Lalbhai told BTVi in an interview.
He said sportswear is the fastest growing segment and clothing is going to become "intelligent". "We have identified ten major buyers and are making large amounts of fabrics -- about 25 million metres a month. If your company offers one stop solution, it should be strategic to its customers," he said.
Lalbhai, however, said the textiles industry has got the flexibility in the labour laws it was looking for.
"One of the biggest problems was the labour laws and luckily it is a concurrent law. All the progressive states have given us the flexibility that we were looking for. There are fixed term contracts available. That means you do not have to have labour liability on your balance sheet," he said.
He said in the world market, Indian textiles industry is competing with Bangladesh, Sri Lanka and Pakistan. These three countries have free trade agreement with the European Union (EU).
"The largest share of India's exports is with the EU. If we strike a free trade agreement with it, there will be a huge upside which India can hope to achieve in the immediate future," Lalbhai said, adding that country should sign an free trade agreement with the United Kingdom in order to boost textile exports.
He said a competitive and logical exchange rates could be an enabler for the industries.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.