COVID -19 IMPACT ON INDIAN MSME`S & FASHION INDUSTRY

-Siddiqa Fatima

Summary:

o In the context of Fashion mania & fabrication, this distinctive set of circumstances can hopefully take us back in the time of 90’s. Plethora of brands and their “designs” that preceded this crisis are in a state of evasion.

o It’s high time to question our “fashion standards” or the vogue industry will simply return to business as usual when this is all over. So, let’s unite and build a new system that values well-being of people and planet over profit.

DESIGNER’S TALK:

Despite this crisis, Ace Fashion designers are trying to do their best for their employees — for example, ABU JANI, SANDEEP KHOSLA are paying full remuneration to the staff. “Of course, this will not be possible indefinitely as we are not corporate with a long-term financial buffer,” says Khosla adding that it is essential for the government to intervene to support the industry.

Along with the assurance of free loan, revision of MSME definition bring cheers to the textile industry. In the recent amendments in the scheme of MSME, the govt has increased the turnover limit up to Rs 100 crores and investment limit up to Rs 20 crore for medium and small size units.

INITIATIVES PROVIDED BY GOVT.

o The Scheme for Integrated Textile Parks (SITP):

Expanding a sustainable infrastructure for the textile sector.

o Integrated Processing Development Scheme (IPDS):

This scheme allows us to make Indian textiles more competitive and environment-friendly.

o Amended Technology Up-gradation Fund Scheme for textiles industry (ATUFS):

Under this initiative, the old types of equipment and technologies used in the textile industry can affect productivity and safety.

o Special package for Textile and Apparel sector:

In this scheme, the government of India plans to generate over 10 million jobs in the textile industry in the long-run.

CONCLUSION

o Contemporary Ideas: Fashion industry transformation requires disruptive innovation, the latest techniques at scale, in the form of new materials, processes, and business models.

o Limited Funding: Funding is limited because investors are unaware and have little experience of fashion innovations.

o Skilled Manpower: The key to restoring the glory of the Indian textile industry lies in its productive workforce, safe work environment, and the use of the latest technology. According to the ‘Vision, Strategy and Action Plan for Indian Textile and Apparel Sector’, taking all innovative steps in partnership with industry will create an additional 35 million jobs in the textile sector by 2024-25.

o Dealing with pandemic: We are focusing on how the unfolding situation is affecting the people who make our clothes. Retailers are shutting their doors around the world, encouraging their customers to shop online instead. Yet the reality is that as we are forced to stay in our homes many of us are financially burdened by layoffs or new childcare responsibilities, and the desire to buy new clothes feels like a distant dream.

o It’s high time to question our “fashion standards” or the vogue industry will simply return to business as usual when this is all over. So, let’s unite and build a new system that values the well-being of people and planet over profit. evasion.ion.