{"id":917,"date":"2008-09-22T12:57:06","date_gmt":"2008-09-22T07:27:06","guid":{"rendered":"http:\/\/thirdeyesight.in\/blog\/?p=917"},"modified":"2022-11-08T11:01:57","modified_gmt":"2022-11-08T11:01:57","slug":"eternal-hope-to-reality","status":"publish","type":"post","link":"https:\/\/myechoproject.com\/TES\/eternal-hope-to-reality\/","title":{"rendered":"Eternal Hope to Reality"},"content":{"rendered":"<p style=\"text-align: justify;\">The Textile and apparel industry is of particular importance to India. It not only provides employment to a broad base of semi-skilled and unskilled labour but also helps to extend the economic bounty to urban and semi urban areas. Though India has a history of thousands of years in global trading of textile, it contributes only 3% to the global exports of textile and clothing.<\/p>\n<p style=\"text-align: justify;\">While the urge to grow exists, there is a huge difference between the current exports of about Rs. 864 billion (US$ 20 billion) and the target of Rs. 2,500 billion (US$ 55 billion) by 2012. To achieve this vision, exports must grow at around 25-35 per cent a year for the next 4 years, depending on how weak or stable the current year is. This growth rate seems difficult considering the fact India has actually grown its exports of textiles and apparel at an annualized growth of a little over 14 per cent from 2003-04 to 2007-08.<\/p>\n<p style=\"text-align: justify;\">Even if the industry looks at increasing the volume of exports to achieve the vision, the ports do not have the handling capacity considering that they currently operate at 91 to 92 % of available capacity.<\/p>\n<p style=\"text-align: justify;\">Hence, incremental thinking will not help to achieve the vision.<\/p>\n<p style=\"text-align: justify;\">Our key concern is the value \u201clost\u201d by the industry.&nbsp;Being the low cost supplier does not necessarily translate into greater market share. The Indian Industry must look at enhancing the <span style=\"text-decoration: underline;\"><strong>value delivered<\/strong><\/span> rather than competing on the cost platform. Indeed, India compares poorly to other countries on the value captured per employee. &nbsp;(For instance, if the export value captured per employee in India was as much as Turkey, India\u2019s exports would be close to China\u2019s exports of US$ 161 billion.)<\/p>\n<p style=\"text-align: justify;\">One major concern that needs to be addressed is that India\u2019s exports are still weighted in favour of raw materials and intermediate products, rather than finished products. Apparel exports account for only 41% of India\u2019s textile exports in 2007-08. India\u2019s product mix also needs to be aligned to global market needs, rather than only focussing on \u201ctraditional strengths\u201d \u2013 this includes enhancing the share of non-cotton products in the basket.<\/p>\n<p style=\"text-align: justify;\">Another area that is neglected is the inherent competitive capability of developing new products. The industry needs to develop and nurture these skill sets to create a sustained competitive advantage in the global scenario. India already provides buyers with value in terms of product development and design, which needs focus and further strengthening.<\/p>\n<p style=\"text-align: justify;\">Further, India\u2019s domestic industry, and its skill at understanding market needs, creating and merchandising product, can also play a valuable role in the industry\u2019s growth.<\/p>\n<p style=\"text-align: justify;\">The competitive advantage offered by being able to influence the development of a product is immense. And given that sourcing lead times are shorter in unpredictable times, a supply base that has been involved with the buyer right from the development stage of the product is most likely to get the final order. Third Eyesight proposes a four dimensional model: <strong>Define<\/strong>, <strong>Design<\/strong>, <strong>Develop<\/strong> and <strong>Deliver<\/strong> so as to achieve the industry-wide development, of projecting India as a valuable supplier, and sustaining its value needs.<\/p>\n<p style=\"text-align: justify;\">By creating an ecosystem focused on design and product development, India can create and capture the billions of dollars worth of value that is being lost to other countries.<\/p>\n<p style=\"text-align: justify;\"><em>This is an extract from Third Eyesight&#8217;s report presented at the FICCI 3rd Annual Textile And Garment conference in Mumbai. The report was released by the Minister of Textiles, Government of India. To download the full report prepared by Third Eyesight, please <a title=\"Eternal Hope to Reality: Building Sustained Competitive Advantage for the Indian Textile and Apparel industry\" href=\"https:\/\/www.thirdeyesight.in\/eternal-hope-to-reality-2\/\" target=\"_blank\" rel=\"noopener\">click here<\/a>.<\/em><\/p>\n<p style=\"text-align: justify;\"><em>To discuss how we can help you with your specific business needs, please get in touch with us via email (please send it to services [at] thirdeyesight [dot] in) or via this form: <a title=\"Connect\" href=\"http:\/\/thirdeyesight.in\/contact-us\/\" target=\"_blank\" rel=\"noopener\">CONNECT<\/a>.<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Incremental thinking will not help to achieve the Indian textile and apparel industry achieve its vision of growth. The industry must look at enhancing the value delivered rather than competing on the cost platform.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[25,27,30,33,60,222,36,37,131,44,46,47,48,1],"tags":[26,219,220,221,28,171,145,77,55,59,82,223,94,224,49],"class_list":["post-917","post","type-post","status-publish","format-standard","hentry","category-apparel","category-branding","category-events","category-footwear","category-india","category-leadership","category-lifestyle-fashion","category-marketing","category-product-development-and-design","category-soft-goods","category-strategy","category-supply-chain","category-textiles","category-uncategorized","tag-apparel","tag-apparel-export-products","tag-apparel-industry","tag-apparel-production","tag-clothing","tag-clothing-exports","tag-fashion-brands","tag-fashion-design","tag-fast-fashion","tag-india","tag-lifestyle-fashion","tag-potential-apparel-export-products","tag-textile","tag-textile-exports","tag-textiles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Eternal Hope to Reality - Third Eyesight<\/title>\n<meta name=\"robots\" content=\"index,follow\" \/>\n<link rel=\"canonical\" href=\"https:\/\/myechoproject.com\/TES\/eternal-hope-to-reality\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eternal Hope to Reality - Third Eyesight\" \/>\n<meta property=\"og:description\" content=\"Incremental thinking will not help to achieve the Indian textile and apparel industry achieve its vision of growth. 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