Yesterday, in a story ‘When the growth gets tough, the tough ones invest’,
Indiaretailing – with various quotes and examples – attempted to disseminate a significant strand of thought – that during a slowdown, instead of cutting costs, companies should plan investments that will help in future growth, as economic downturns offer a unique opportunity to accelerate that transition and dramatically improve relative strategic position.
Here’s an exemplary piece of news, from the Press Information Bureau, that says that investments in the textiles sector are expected to reach Rs 150,600 crore by 2012, and this enhanced investment will generate 17.37 million new jobs in the sector. The development is happening after the sector’s recovery from a serious downward trajectory due to rupee appreciation.
Addressing a press conference in Bengaluru today after releasing the booklet tilted Indian Textiles – The Sunrise Sector, Minister for Textiles Shankersinh Vaghela said that the textiles industry is increasingly embracing modern technology and work processes, becoming more competitive, building strong brand equity for its products, and consistently achieving higher growth rates than ever in its long history.
The development is credited to the remedial measures, a futuristic vision, and primarily the sound and consistent financial backing by the central government.
Vaghela said that the government had imparted a new momentum to the implementation of the Technology Up-gradation Fund Scheme (TUFS) and, on the persistent demand of the industry, the scheme has been extended up to the end of the XIth Five-year Plan.