India’s textile industry is at a very important threshold. It has a great opportunity to capture the space being vacated by the Chinese industry due to their spiraling costs. However, the isolated increase in cotton prices in India is a cause of worry, said Northern India Textile Research’ Association’s (NITRA’s) new chairman Sanjay K Jain.
Jain was speaking immediately after becoming the chairman of NITRA’s council of administration, at the 40thannual general meeting of the organisation at NITRA campus in Ghaziabad. The textile industry is going through unprecedented challenges, which has pushed the industry to the brink. However, the space being vacated by the Chinese industry offers a great opportunity, Jain said. While being excited at the industry being at a very important threshold, Jain said he was worried about the immediate crisis of the industry due to isolated increase in cotton prices in India while global prices were stable.