Entrepreneurship is the lifeblood of the country: Punit Lalbhai

At the Fortune India Next 500 summit in Gurugram, executive director of Arvind Limited Punit Lalbhai, talks about the challenges of entrepreneurship, and why he is bullish on the textile sector.

Edited excerpts:

The Next 500 celebrates the largest midsize companies in the country, why do you think it is important to recognise these companies?

I think entrepreneurship in general has been the lifeblood of this country. It’s put India on the world map. And anything to encourage that spirit of entrepreneurship is absolutely required.

What do you think is the kind of support, in terms of infrastructure, in terms of policy that the government can extend to midsize companies?

In the recent past we have seen a lot of policy reform, the Good and Services Tax (GST), the bankruptcy act, all these things have created a base for long-term prosperity for the country. It levels out the playing field, and it encourages people to do business the right way. I think this is going to be helpful for big and small and medium-sized companies alike, and I think irrespective of what the landscape is, entrepreneurship needs to find its way to succeed. There will always be challenges, and while we have seen a lot of steps in the right direction, a lot needs to be still done. Entrepreneurship in general should be able to navigate its way irrespective of the political landscape.

What is your outlook on the textile sector?

I am pretty bullish on the textile outlook for India because there are some major world trends that India has the opportunity to take advantage of. China, which has controlled a very large percentage of global trade, is becoming more expensive and is becoming inward focused, so a lot of that business is up for grabs. And India could be in a prime position to take over because the kind of infrastructure and ecosystem in most developed in India after China.