Opportunities & Threats AI poses for MSME textile units

held on 17th May 2024 from 04.00 pm to 05.30 pm

Mr. Rajiv Ranjan, President, The Textile Association (India), Mumbai Unit welcomed the speaker and participants to the lecture. Mr. Ranjan in his address briefed about the TAI and its activities. He further said that TAI, Mumbai Unit planned to aggressively work on its Industry Outreach programme during the year 2024 – 25 and he requested the support of all the members to achieve this. As a part of this TAI, Mumbai Unit conducted three activities during this year. He also informed about the Social Media initiative by using LinkedIn & WhatsApp.

The lecture was addressed by Mr. Sharad Tandon, CEO, Standon Consulting. In his presentation he mentioned that AI presents unprecedented opportunities for MSME textile units to optimize operations, enhance customer engagement, and stay ahead in a fiercely competitive market landscape. However, realizing these benefits requires a concerted effort towards workforce upskilling, cybersecurity preparedness, and strategic adoption of AI technologies across all facets of textile manufacturing. By embracing AI, MSMEs can not only navigate the challenges posed by automation but also emerge as industry leaders poised for sustainable growth and innovation.

The integration of Artificial Intelligence (AI) into Micro, Small, and Medium Enterprises (MSME) within the textile industry represents a paradigm shift with far-reaching implications. As highlighted throughout this discourse, AI offers a myriad of opportunities for MSME units, from streamlining operations and enhancing productivity to bolstering customer relationships and staying competitive in the global market. However, these opportunities are accompanied by significant challenges, including job displacement, cybersecurity risks, and the imperative need for workforce upskilling.

Mr. Haresh B. Parekh, Hon. Secretary, The Textile Association (India), Mumbai Unit proposed the Vote of Thanks.

This lecture was appreciated by all the participants with the active participation of around 80 participants. There was good interaction between the speaker and participants who asked many questions and the same were lucidly answered by the speaker.