Around 80 per cent of key stakeholders in the Indian textile industry have already adopted some form of sustainable manufacturing practices, according to “Sustainability Survey Report 2023” by The Yarn Bazaar and Wazir Advisors.
A media statement said the report showcases the significant momentum building among stakeholders across the textile value chain towards embracing sustainability and addresses key Environmental, Social, and Governance (ESG) factors. The realisation that ramping up production alone is insufficient has led to a collective focus on adopting sustainable practices, aligning with the environmental pillar of ESG.
A majority of the survey respondent companies reported a year-on-year increase in the share of sustainable products in their portfolios, along with an intent to continue this transition in the future. According to the report, 13 per cent respondents currently have a 50-75 per cent share of sustainable products in their portfolio. Similarly, 25 per cent respondents currently offer more than 75 per cent sustainable products.
The report said there is a significant upsurge in cotton recycling, alongside traditional polyester recycling, as the industry’s approach towards circularity evolves. Integrated players and large-scale spinning mills are actively exploring ways to recycle waste for the production of circular textiles, contributing to a more sustainable and circular economy.
It said that due to the efforts of some companies the capacity for recycling polyester from bottles and converting it into textile materials in India is expected to reach or surpass 1,600 kilo tonnes per annum by 2030, at a CAGR of 4 per cent. This indicates a significant increase in recycling infrastructure and capabilities in the country, highlighting the growing focus on sustainable practices in the textile industry.
‘Compass to navigate’
Quoting Pratik Gadia, Founder and Chief Executive Officer of The Yarn Bazaar, the statement said: “This report serves as a compass for us to navigate the landscape of the textile industry, both on a global scale and within our own country. It allows us to understand where other major brands stand on sustainability, identify our own progress, and recognise the gaps that need to be bridged.”
The textile industry, being the second most polluting industry in the world, faces a crucial crossroads for its own long-term survival. Gadia said there is a need to take immediate action to infuse sustainability practices that align with the UN’s Sustainable Development Goals (SDGs), and address key ESG concerns.
Sanjay Arora, Business Director from Wazir Advisors, said the report showcases a fundamental shift in the approach of key stakeholders in the Indian textile industry. It is heartening to see that 80 per cent of these stakeholders have already embraced sustainable manufacturing practices, reflecting the industry’s commitment to environmental responsibility. Sustainability has become a critical factor for success in the global textile market, and the report highlights the increasing adoption of sustainable products, focusing on circularity, and alignment with global benchmarks, he said.