The size of the textile machinery industry in India is going to touch Rs 32,000-35,000 crore in the next five years compared to the present Rs 22,000 crore. This is due to ‘Make in India’ and other government schemes and incentives for the textile manufacturing sector. The textile sector accounts for nearly 11 per cent of India’s overall exports.
“The machinery manufacturing sector is one of the important segments of the textile industry in India,” India International Textile Machinery Exhibitions (India ITME) Society chairman Sanjiv Lathia told reporters while informing about the upcoming 10th edition of India ITME 2016 being organised by the Society from December 3-8 in Mumbai.
“With the government’s initiatives like Make in India and incentives for manufacturing sector, we expect the size of India’s textile machinery industry to touch Rs 32,000-35,000 crore in the next five years from the present Rs 22,000 crore,” Lathia said.
India’s total textile and apparel exports were valued at $40 billion in FY16 and they are likely to reach $223 billion by 2021, he added.
According to him, it is utmost necessary that textile machine manufacturing industry strengthens its base for efficiency and quality output through innovations, as the textile industry is the second largest employer in India after agriculture.
India ITME 2016 will see more than 1,050 exhibitors from 38 countries and is expected to attract nearly 1,50,000 visitors over the six-day period. The event will provide a global platform for exhibitors to showcase their products and disseminate information on innovative technologies. (RKS)
Source: Fibre2Fashion News Desk – India