FashionatingWorld had an interaction with Prashant Deka head marketing rieter on the sidelines of TAI 75th year Summit at Chandigarh dated 15-11-19. He is of the opinion that 'Industry 4.0' is nomore optional rather it is now a business imperative. Going by his experience he still thinks that the uptick in this technology is limited in the near future: not that technology is not required in Indian textile and apparel space, not that we have best of the productivity, not that we are proficiently competitive. The reasons are not far from evident textile space continues to languish and will as long as it is not able to deal with the present day limitations viz. Not so good physical infrastructure, High cost of finance, Ever increasingly rising cost of living, typical Indian entrepreneur mind set of being capital shy & resistance to change.
AlsoTextile Sector nomore remains incredibly priority sector despite of being acknowledged as in ultimate job creator only next to agriculture.
Deki avers though the uptake in embracing cutting edge technology maybe slower than what we would argue, but the adoption is inevitable especially given the government diktat of making country 5T $ economy and Textile 350mn $ in specific in coming 4-5 years.Arguably as a piece it again is not really important what is the aggregate composition of the textile growth pie in the terms of the domestic and exports break down so far there is objective progression (economists and purist alike in the private space see it doable as long as administrators/ law makers can well deal with the current limitations which the semblance is they are quite seized of).
His prescription is that there is bunch of solutions & in his admission at times it can be interim but most of the times it will be the remedial steps to fix the trade/ economy which I don't think I need to allude here as they all are evidently known to our policy makers.
