14 The world Textile industry has shown an average capacity utilisation rate stagnating at 74% since the beginning of the year. However, domestic demand will continue to grow at a steady pace, owing to government initiatives like the setting up of textile parks under the PM mega integrated textile region and apparel scheme. It also put efforts in promoting textile value chain in India through events like Bharat Tex Expo 2024 in New Delhi. Free trade pacts with major markets will boost competitiveness of India in the ready-made garment space. The government also extended 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. Fluctuation in cotton prices, key raw material prices, direct entry of key raw material suppliers especially from China may affect sales. Demand from user countries may influence order situation at our customers. 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 leverages continuous learning and build strong capabilities to align with the pace of evolution and expansion of the business. It emphasises on use of technology in HR processes with parallel creative initiatives to keep enhancing people engagement. Employee relations remained cordial.
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