Message from Chairman
Dear All,
As yet another Independence Day was celebrated across our nation a few days ago, it dawned upon me that besides being a country that has developed on its own, free from any foreign rule for the last seven decades, India has climbed the ladder of economic development steadily. According to The Madison Project, in less than 70 years since independence, India’s per capita income at constant prices grew six times. It was almost as if it had taken a ‘rebirth’.
According to the World Bank Report released on May 29, 2017, India remains the fastest growing economy in the world – there is a robust growth in economics and reform momentum continues. A Third World country has never had it easy. But India is an example of how, with the right kind of governance and proper leadership, a country can be guided to prosperity. We, as a country, have been able to make our mark on the global platform. We have expanded in terms of trade, education, healthcare, lifestyle, transport, etc.
Being the world’s largest democracy, India has seen a varied distribution of power over all its states and has been ruled by different political parties of dissimilar ideologies which has cause the economy to renovate or deteriorate at different points of time. But fortunately, it has come a long way since August 15, 1947. It has been consistent in its progress and elaboration and thus the rise of per capita income (at current prices) to Rs 1,03,219 from Rs. 247 per year, the rise in literacy to 73% from 17% and the rise in life expectancy at birth to 68.34 years from 32 years boast of the milestones our country has reached over the years.
The effect of GST on the textile industry was apparently on progressive lines with the 5 percent GST rate on cotton textiles giving impetus for the growth and development of the entire textile value chain. India’s textile and apparel industry is all set for an overhaul as the new National Textile Policy may soon be in place. The government has already accepted a Rs.60 billion special package for this sector with an aim to create 10 million new jobs in the next three years, attract investments of $11 billion, as well as generate an additional $30 billion in exports. Taking innovative measures in partnership with the industry and learning from experience, India could aspire to achieve 20% growth in exports over the next decade. In any case, the achievement of 15% growth rate in exports should be feasible. In the domestic market, sustaining an annual growth rate of 12% should also not be difficult. All of this, indeed, creates an environment in which our group can reach new milestones and set benchmarks for others to follow.
India, although a leading nation in textile since ages, has not been able to make its presence felt on the global stage with brands, chains, product, and processes. And without innovation and R&D, this won’t be possible. Government and industry need to work in partnership for this transformation. Business process innovation, building brands and creating designs should be the immediate priority.
Having said that, we believe that unity is strength and when there is teamwork and collaboration, great things happen. Let us all continue on this endeavour and give our best.
With best wishes,
Ravi Jhunjhunwala