With more monetary freedom
at one’s disposal, global consumerism is on an upswing. For the consumer
fraternity, the textile market and apparel industry have been amongst the
favorite sectors to shell out the bucks. The shift in demographic preferences
can be easily figured out from the emerging market trends highlighting the
global demand for apparels and the corresponding market competitions in place.
The textile industry is representative of a variegated spectrum of activities
ranging from cottage spinning and weaving sector at one end and capital
intensive mills at the other.
The decentralized
power looms, hosiery industries and knitting form the major bulk of Textile
industry. They are further subdivided into organized and unorganized business
houses. The unorganized sector areas are less controlled by regulations as most
of them are not registered.
Plight Of The Small Scale Textile Manufacturers
The small scale
textile houses and the textile cottage industries are often plagued with
corrupt practices. As a result, the genuine manufacturers suffer a great deal
as they are denied a fair participation in the market.
Especially, the
labor-intensive cottage industry for textiles suffers to a larger extent as
they do not have access to the mainstream information that is requisite to find
a market for their products successfully.
The poor artisan is
further subjected to extreme penury, as all his investments go down the gutters
due to the lack of market access. The excess goods are subjected to dumping
effect and realization of profit is a far cry. The exploitation is given
further edge with a dearth of capital inflows.
Due to the lack of
target distribution of capitals, policies and benefits fail to permeate the
masses. This results in fewer choices in the market and the dawning of a
monopolistic pattern of trade. This is detrimental to the free trade practices.
Riding on the back of
acute unawareness of internet-based exposure, the unscrupulous elements jeopardize
the flow of commodities. Should such things be allowed to persist, the stunted
supply of products would unnecessarily helm in inflation juxtaposed with
ruthlessness.
Time For Comprehensive Initiatives To Stem The Flow Of
Corruption
- Setting
up of comprehensive textile informatics center for skill development and
capacity building though the circulation of an e-book, e-gazette, and
other dedicated websites.
- Setting
up of Market Intelligence Unit for economic research, integrated research
& development, deliberations on competitive prices and dissemination
of trade related information.
- Integrated
platform for sharing of ideas, addressing investor queries and provisions
for feedback of the laborers and mill owners on the questions of viability
and profitability.
- Standard
Operating Protocol to prevent dumping of textile goods and deterring
unauthorized hoarding practices.
The Benefits Of E-Commerce Revolution
- No
middlemen involved in selling. It is done directly to the customers
through a business to business model of electronic data interchange.
- Allows
communication and real-time transactions irrespective of time and place.
- Individuals
and companies can showcase their items and sell across the globe, thus
gaining wider market accessibility.
- Product
specific information along with scope for wholesome research of product
spread.
Necessity Of Digital Empowerment
Establishing
technological infrastructure is no more a question of avocation but of dire
need, when it comes to the issue of prevention of illegal activities to distort
trade.
Today, the market is
in need of bias-free best practices to be carried out. Ensuring a level playing
field for all the players would bolster not only the multiple stakeholders in
textiles but also serve greater holistic causes like the generation of
employment.
Moreover, investor
sentiments would be spiraling downwards for a market plagued by corruptions and
fraud. Legalizing manufacturers through widespread registration and
streamlining standardization procedures need to be implemented. A more
comprehensive online drive would mitigate the shortcomings and lead towards a
sustainable future of textile industries.
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