FOSTTA Event Highlights Industry Challenges and Solutions
Senior Industrialists Honored at FOSTTA Annual Meeting
Surat, a major hub for the textile industry, recently hosted a special event organized by the Federation of Trade and Textile Associations (FOSTTA). Central Minister for Jal Shakti, C.R. Patil, was present at the event, where he addressed the challenges facing the textile industry. During his speech, Patil emphasized the importance of moving away from credit sales in the industry, stating, “Do not give textiles on credit. Those who need it should buy goods in cash.”
A Turning Point for the Textile Industry
Patil’s statement is seen as a potential turning point for the textile sector. By discouraging credit sales and encouraging cash transactions, he aims to strengthen the financial stability of the industry. This move could make businesses more profitable and competitive. The restriction on credit sales is believed to be a crucial step toward improving the industry’s economic health.
Call for Stronger FOSTTA Membership
In his address, Patil also urged members of FOSTTA to strengthen their association and highlighted the importance of water conservation. He appealed to Surat’s textile markets and residential societies to take measures for groundwater recharge and water conservation to avoid future water scarcity.
Honoring Senior Industrialists
The event also saw the honoring of senior industrialists who had been instrumental in starting the textile business in Surat 40 years ago. FOSTTA directors adorned them with tilaks and shawls in a ceremony called “Varishth Vandana” to recognize their contributions.
FOSTTA’s Growth and New Members
FOSTTA has evolved into a significant organization over the last four decades and is now registered as a company under Section 8. The association has members in three categories: Platinum, Diamond, and Gold. During the event, the market association was encouraged by receiving Gold Membership. The meeting also presented financial reports for the period from July 2023 to December 2024 and announced the addition of 813 new members under the new FOSTTA constitution.
