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Vice President Calls For Modernization Of Textile Industry

Capital Market 

The Vice President of India, M. Venkaiah Naidu has called for United Nations and other Multilateral Organisations to chalk out strategy to extradite economic fugitives. He was addressing the CITI Global Textiles Conclave 2018, organised to commemorate CITI Diamond Jubilee celebrations. The Vice President said that world leaders he had met during his visits to Europe, Latin America and Africa appreciated India's development story and said that it was marching forward with remarkable growth. There was a tremendous interest in India's growth story in the world community, he added.

Naidu stressed the need to give major thrust to skill development, up gradation and use of Digital technology and adoption of lean manufacturing systems to remain globally competitive. The Vice President said that India has the unique advantage of combining traditional workmanship with modern methods. The Vice President called for modernization of textile industry by proving requited skill, investment and market to recapture India's past glory in the textiles sector. He said that being the second largest employer after agriculture accounts for 21% employment.

Naidu said that UN and the world community must take lead and see that an agreement is made to exchange information on bank accounts. The Vice President said that Accountability and Transparency, Ethics in Business and Standards in Products must be maintained to sustain in the global competitive scenario. He said that India definitely has a competitive advantage in terms of abundant availability of raw material, skilled manpower, manufacturing competitiveness, huge spinning, weaving, processing and garment manufacturing facilities.

With the world moving towards 4th industrial revolution based on cyber physical systems, Naidu said that the Indian textile industry must take lead in industry 4.0 in view of the distinct advantage enjoyed by us in the IT sector. He called up on the textile industry to fully tap the potential of IoT cloud, artificial intelligence and big data and analytics. He said that it was high time for the industry to establish textile industry 4.0 learning factory in all the major clusters adopting Hub and Spokes Model with Hub focusing on advance training and spokes focusing on basic training.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 27 2018. 15:58 IST