Textile major, Arvind Limited is focusing on a multipronged strategy for its growth and intends to become a strategic partner with its customers, a top company official revealed.
Sanjay Lalbhai, Chairman & MD, Arvind Ltd, told BTVi in an interview, "Our strategy will be built on four planks — sustainability, innovation, verticalisation and multi-fibre."
He said that Sportswear is the fastest growing segment and clothing is going to become intelligent.
He further added, "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."
Lalbhai, however, said the textiles industry has got the flexibility in the labour laws it was looking for.
He said, "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."
According to Lalbhai, 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).
He said, "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, 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.”