FICCI Meet Stresses on Innovation in Textile Sector

FICCI TAG 2014Speakers at the “FICCI TAG 2014”, the 6th annual conference on textile and apparel industry viewed that innovation is necessary in the Indian textile industry.

In his welcome address at the conference themed ‘Driving Growth through Innovation’, Mr. Deepak Mukhi, head, FICCI-Maharashtra State Council (MSC), said India ranks at 76th position among 143 countries in the global innovation index 2014. This certainly suggests that lot of efforts are required to be made in R&D and product development.

Mr. Suresh Kotak, chairman, sub-group on Textile & Technical Textiles, FICCI – MSC, urged the textile industry entrepreneurs to put efforts to make the Indian textile industry innovative and take it to the new of heights of success.FICCI TAG 2014

Mr. Prashant Agarwal, joint managing director, Wazir Advisors, discussed about the importance of innovation in today’s business. It is now the right time for every textile company in the entire value chain to focus on innovation to achieve business excellence, he said.

Managing director, Alok Industries, Mr. Dilip Jiwrajka felt textile companies should invest in innovative technology, which will ultimately result in offering right product at right price which is important for a company’s profit.

Later, in a panel discussion on ‘Product, Process and Systems Innovation – The Success Mantra’, eminent persons from different sectors stressed on various innovations taking place in textile and apparel industry around the globe from fibre to finished goods stage. The panelists deliberated on how innovation is the backbone of success in changing global scenario and how their companies have innovated product, process or systems to remain competitive and contemporary.

In another discussion on ‘Achieving Excellence in Today’s Competitive World’, speakers discussed on the competition in the export and domestic markets and how successfully manufacturers have grown their market share through a core strategy to excel.

The conference concluded that innovation is necessary, and not a choice, in this competitive world and companies would have to build innovative culture. Secondly, the textile industry needs to act as one unit and the entire value chain should come together to raise their agenda in a single voice.

A white paper on “Driving Growth through Innovation” prepared by FICCI and Wazir Advisors was also released during the conference.

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