The Federation of Hosiery Manufacturers’ Association of India (FOHMA) has formulated a path breaking strategy for Indian manufacturers to break the ice and be updated on real value of raw products. Named FOHMA Hosiery Cost Index (HOSEX), it aims to assist industry in becoming world class and organised to benchmark itself against the best in the world. It is designed to calculate the average movement in costing for a particular basket of hosiery goods over a period of time. The index would be updated at the beginning of every year. For instance, if the cost was Rs 100 in January 2010, and the index is 132 today, it means over period the cost for the industry has gone up by 32 per cent.

It is a step towards making the industry more aware of its costing and profitability. The index is expected to create a win-win and balanced scenario for both buyers and sellers. It wants to make the fragmented Indian textile market more organised and render bargaining power to buyers and sellers. India is an inflation prone country due to its structure and phased process of development. In such a scenario, it gets difficult for brands and companies to convince buyers for a price hike. On the other side it will also provide directions to buyers and help them in ensuring a correct pricing for them.