Building a vibrant innovation ecosystem

摘要

"You cannot afford to stay still - business is a moving escalator. The world is moving around you - customer expectations are changing, competitors are always catching up and threatening to take away your business." -Jackie Fenn, Gartner Research. Since the last several decades, debates on how to spur innovation in the Indian textile and the textile engineering industry have raged. The Indian textile manufacturers have depended heavily on imported machinery for their expansion and modernisation in most cases. The textile industry contributed to 14 per cent of industrial production and 13 per cent of exports in 2017. From June 2017 to May 2018, the sector recorded investments worth $4.19 billion. These statistics project a bullish environment for the Indian textile industry. However, some cracks reveal themselves when we look closer. Export incentives have dropped and so have import barriers. Reports suggest that India's imports of Bangladesh garments have risen by as much as 50 per cent. Low demand has resulted in many Indian mills holding up to three months stock of finished goods.