Bharat Tex 2024 | UPSC Mains Current Affairs

Why in News:

India’s textile industry, in collaboration with industry associations, is gearing up to host Bharat Tex 2024.

About Bharat Tex 2024:

• The event is scheduled to be held in New Delhi from February 26-29, 2024.
• The aim of the event is to position and showcase India’s entire textile value chain and highlight strengths in fashion, traditional crafts, and sustainability initiatives.
• The event will be in line with India’s 5F vision, representing the journey from Farm to Fibre to Factory to Fashion to Foreign.
• Salient features of the event include pavilions on Sustainability and Recycling, discussions on global supply chain resilience and digitization, fabric testing zones, product demos, and masterclasses.
• Bharat Tex 2024 will provide a platform for knowledge exchange, information dissemination, and Government to Government and Business to Business interactions.

Challenges:

• Global competition: India's textile industry faces stiff competition from countries like China, Bangladesh, and Vietnam.
• Technology adoption: The industry needs to invest in technology and innovation to stay competitive in the global market.
• Sustainability concerns: Ensuring sustainable practices in the textile value chain is a challenge that needs to be addressed.
• Skilled labor shortage: There is a shortage of skilled labor in the textile industry, which hampers productivity and growth.
• Infrastructure constraints: Lack of modern infrastructure and logistics facilities can hinder the growth of the industry.
• Regulatory issues: Dealing with complex regulatory frameworks and compliance requirements can be a challenge for textile businesses.
• Fluctuating raw material prices: The volatility in raw material prices can impact the profitability of textile businesses.
• Changing consumer preferences: Adapting to changing consumer preferences and trends in the global market is a challenge for the industry.

Merits:

• Showcasing India's textile value chain: Bharat Tex 2024 will provide a platform to showcase India's entire textile value chain, highlighting its strengths in fashion, traditional crafts, and sustainability initiatives.
• Global exposure: The event will attract international participants and provide an opportunity for Indian textile businesses to network and explore new markets.
• Knowledge exchange: Bharat Tex 2024 will facilitate knowledge exchange, information dissemination, and discussions on global supply chain resilience and digitization.
• Government support: The event is supported by the Ministry of Textiles, which will help in promoting the textile industry and addressing its challenges.
• Business opportunities: Bharat Tex 2024 will provide a platform for business-to-business interactions, fostering collaborations and partnerships in the textile sector.
• Innovation showcase: The event will showcase innovations in sustainability and recycling, as well as product demos and masterclasses on fabric testing.
• Strengthening industry associations: The collaboration of 11 Textile Export Promotion Councils for organizing the event will help in strengthening industry associations and promoting collective growth.
• Promoting Indian textiles globally: Bharat Tex 2024 will help in promoting Indian textiles and traditional crafts on a global platform, enhancing their visibility and market reach.

Way forward:

• Technology adoption: The industry should focus on adopting advanced technologies like automation, AI, and IoT to improve productivity and competitiveness.
• Skill development: Investing in skill development programs and training initiatives can help address the shortage of skilled labor in the textile industry.
• Sustainable practices: Embracing sustainable practices in the textile value chain, such as eco-friendly production processes and recycling initiatives, is crucial for long-term growth.
• Infrastructure development: The government and industry stakeholders should work together to improve infrastructure and logistics facilities for the textile sector.
• Policy reforms: Simplifying regulatory frameworks and addressing compliance issues can help in creating a conducive environment for textile businesses.
• Market diversification: Exploring new markets and diversifying product offerings can help Indian textile businesses reduce dependence on a few markets and expand their global presence.