The Indian Government has high hopes from the country’s man-made fiber-based textile industry, expecting it to grow from a current worth of US $ 110 billion to US $ 400 billion in the next few years. In order to achieve this ambitious target, the textile industry is inviting more investment in the sector which will also help in implementing the ‘Make in India’ initiative for textile sector as India is currently importing man-made fiber-based fabrics worth US $ 1.2 billion from China, Korea, and Taiwan to suffice its needs.
Read more on man-made fibers– 54th DORNBIRN-MFC CONGRESS “Communicating the future of Man-Made Fibers”
The need for investment was expressed by the Joint Managing Director of the consulting firm Wazir Advisors at the 7th annual conference on textile and apparel industry ‘TAG 2015’ organized by FICCI. According to him, India has an extremely low share of 2.2 per cent in the total trade of man-made fiber based apparel worldwide, which has a worth of US $ 170 billion, which leaves a lot of scope for improvement in manufacturing and capturing further share in the world market.
“The Government is also focusing on skill development and the industry should come forward to work hand in hand with government on this area,” said Kavita Gupta, Textile Commissioner, Ministry of Textiles, who also informed that each state will soon have a textile commissioner’s office in place to help the industry keep in touch with the ministry on a regular basis.
