As another eventful year comes to an end, the Indian textile industry seems to be fully prepared for the post-quota regime from the new year. The industry, throughout the year, has worked hard bracing up with technological upgradation, quality improvement, quickening supply of orders with capacity and workforce augmentation to reach the current state.

The Government too has lent its utmost support to the industry to enable it to consolidate its position in the global market. The introduction of capital subsidy on Technology Upgradation Fund Scheme for modernization and upgradation of the sector was indeed a bold step that will help the exim community.

While going ahead with these changes, I feel the government in general and the Finance Ministry in particular, should also consider reduction of excise duty from 16 to 8 percent on man-made fibres. Moreover, the Finance Minister too has to keep his word that the tax regime for the textile sector would remain stable.

I personally feel that India's future overseas in the quota-free regime would depend upon the capacity to produce and execute bulk orders for global players which involve both expansion of capacity and financial back-up.

However, improvement in the current infrastructure scenario is a must if India has to remain on top. The industry needs to prepare to face the challenges and cash in on opportunities that a quota-free market will throw up. It’s time the industry talked the talk and walked the walk. And I have no doubt whatsoever that we can do so!