14 government initiatives like the setting up of textile parks under the PM mega integrated textile region and apparel scheme. Free trade pacts with major markets will boost competitiveness of India in the ready-made garment space. Thiswill be complemented by the production-linked incentive scheme, which will give a boost to domestic manufacturing, particularly in synthetic textiles. The Indian Textile industry is expected to reach to US$350 bn by 2030. The Indian Textile Chemicals industry is estimated at US$320 mn and is growing at about 6% CAGR. The Company will expand its market share in the domestic segment by introducing new products, offering new concepts and providing strong technical support with a new market development team. Internal control systems Internal control systems of the Company are commensurate with the nature of its business and the size and complexity of its operations. The established systems provide reasonable assurance on the effectiveness and efficiency of its operations, reliability of financial reporting and compliance with the applicable laws and regulations. These are routinely tested, certified and upgraded whenever required by the Statutory as well as the Internal Auditors covering all key business areas. Significant audit observations and follow-up actions and recommendations thereon are reported to the Senior Management and the Audit Committee for their review. Human Resources The Company continued its drive to institutionalise and upgrade its HR processes, to help build a more robust workforce capable of managing dynamic and growing business needs. The process of identification and review of key initiatives has become stronger and is continuously upgraded. The requisite training was imparted during 2022-23. Employee relations remained cordial.
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