With a total export of $44.4 billion in FY22 and more start-ups disrupting the value chain, India today is the second largest textile and clothing exporter. It is set to become a global market leader. Given the importance attached, it is believed this can be achieved. The increased budgetary allocation this year shows the significance the government attaches. For the year 2023-24, the total grant for textiles is fixed at Rs 4,389.34 crores which is about 22.6% higher than the revised budget grant for 2022-23. Incidentally, the ongoing China-US bilateral conflicts and buyers reducing dependency on China present opportunities for manufacturing nations such as India, Bangladesh, and Vietnam.
Shailesh Chaturvedi, MD and CEO, Arvind Fashions, and chairman of the 22nd India Fashion Forum (IFF) believes that India’s highly fragmented fashion industry with very few 1000 Cr+ brands indicates a massive opportunity to build brands at scale. However, he cautions that it should not come at the expense of profitability.
The theme of the 22nd IFF, Decoding the DNA of profitability: Growth defined by Value Creation, underscores this. To be held from 28 February to 1 March, 2023 at the Conrad, Bengaluru, it is set to host over 200 speakers, representatives from 400+ brands and companies and 1000+ attendees. The IFF 2023 conference will cut through top-line naivete and focus on real metrics that matter, including building operational capabilities for consistent, high-quality execution, creating wealth through profitability and focusing on return on capital employed.
For the industry to achieve its goals, there must be steady growth. We must, however, be very clear about where we stand, what is necessary, and much more if we are to succeed. Join us at the 22nd IFF to discover this together.