(GIST OF YOJANA) Crossing the Seven Seas [APRIL-2019]

(GIST OF YOJANA) Crossing the Seven Seas

[APRIL-2019]

Crossing the Seven Seas

•  India is a country of rich culture, history and traditions. It is one of the major producers and suppliers of handicraft products in the world for several decades.
•  During recent years, the importance of handicrafts has surged due to its cultural and economic value. The small scale industries including handicrafts play a major role in the development of the economy of both developed and the developing countries equally. Handicrafts can be defined as products which are produced either completely by hand or with the help of tools.
•  The handicrafts industry of India essentially mirrors the aspects of the age old civilization of India. No wonder the phrase ‘unity in diversity’ is so applicable to our country. Each state has its unique handicraft products which reflect the diverse nature of the Indian handicrafts industry.
•  The entire industry, being decentralized, is spread all over this huge subcontinent, concentrated both in the rural and urban areas.
•  The Indian handicrafts industry essentially falls under the cottage industry category. Despite this fact, it is a high employment intensive sector, employing over 6 million part time and full time artisans of the carpet manufacturing sector), including women and a large section from the weaker strata of the society.
•  Besides being an employment generator, the handicraft industry is economically viable, because of low capital investments while the potential for export of the various handicraft products is considerably high. Hence, it is an important foreign exchange earner for our country.

Indian Textile Industry

•  The Indian Textile industry is one of the largest in the world with a large raw material base and manufacturing strength across the value chain. India is the largest producer and the second largest exporter of cotton in the world.
•  India is also the leading consumer of cotton. Domestic textile and apparel industry contributes 2 per cent to India’s (IDP and accounts for 14 per cent of industrial production, 27 per cent of the country's foreign exchange inflows and 11 per cent of the country's export earnings.
•  The textiles and garments industry in India that employs 45 million people is second only to the agriculture sector in terms of employment. The textile sector in India is dominated by women workers, with 70 per cent of the workforce being women. In (lie Indian textile and apparel sector, the sub sectors of weaving, processing and garmenting are fragmented and lack the requisite scale for success in global markets.
•  Most of the manufacturing units have small capacities and low manufacturing efficiencies which make it difficult for them to compete in global markets.

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Conclusion and Way Forward

•  India enjoys a unique advantage of having abundant raw materials and presence of manufacturing in all segments of the textile value chain. The time has come for the industry to discard outdated technology and modernize its machinery to be globally competitive.
•  The industry needs to focus on innovation and value addition for improving global competitiveness of Indian textiles and apparels Innovation such as promoting  waterless dyeing by adopting new technology is also needed We have to come up with innovative and exclusive products it we have to expand our footprint in the global arena The continued growth and global competitiveness of the textile' industry can drive the economy to new heights.

Way forward

•  However, the sector also need' to improve supply chains and internal systems, focus on research and development, cost optimization (saving cost by vertical integration, etc.) and scaling-up to achieve greater
•  competitiveness and command a higher share in the production and export of top items traded in global markets.
•  The industry has to rise to the occasion and ensure that the share of India’s exports increases by diversification in products and explore newer markets.
•  Quality has to be the mainstay for India to sustain exports in the global market especially when we are facing stiff competition from countries like Bangladesh and Vietnam.
•  With rising income levels and steady growth of the retail industry, the textiles sector is expected to experience a high growth trajectory in future due to strong domestic consumption as well as increasing demand in global markets.

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