Softening of cotton prices in the domestic market and reduced inventories with retailers in the western countries are expected to bring stability to textile and apparel sector this year, according to textile entrepreneurs.
Nearly 150 entrepreneurs from Andhra Pradesh, Telangana, Gujarat, and Tamil Nadu participated in an interactive session and industrial visit organised by Indian Texpreneurs Federation (ITF) here on Saturday.
The ITF organised the programme in partnership with Andhra Pradesh (AP) Textile Mills Association, Telangana Spinning and Textile Mills Association, and Spinners Association (Gujarat).
According to Prabhu Dhamodaran, convenor of ITF, most of the participants were of the view that compared to last year, current reduction in cotton prices, lower freight charges, lesser inventories with retailers, softening of inflation in developed markets, and re-opening and pent up demand of China will bring stability to the textile and apparel sector.
It was decided at the meeting that the associations would share data regularly on market intelligence related to cotton, yarn, and fabrics, domestic and export market trends, benchmark numbers on productivity and cost reduction techniques, and best practices. They would also share knowledge to boost value addition as next vision for textile spinning sector and share research data on Indian and global textile and fashion trends.