On the backdrop of serious Government initiatives and economic incentives for the manufacturing sector, the value of domestic textile machinery industry is expected to rise more than 50 per cent in the next five years.
India International Textile Machinery Exhibitions Society Chairman, Sanjiv Lathia reportedly said, “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.”
Apart from being the second largest employer, the textile sector is also one of the largest contributors to Indian exports, accounting for approximately 11 per cent of the total outbound shipments. India’s total textile exports during financial year 2016 were registered at US $ 40 billion and are anticipated to touch US $ 223 billion by 2021, added the Chairman.
Also Read – India ITME ’16: Preparations are in full swing
Meanwhile, the society is organizing the 10th edition of its exhibition, ‘India ITME 2016’, in Mumbai from December 3 to 8. The event is expected to attract over 1,050 exhibitors from 38 nations, 13 delegations and nearly 1.50 lakh visitors.
The idea of ‘Make in India’ in textile engineering will be promoted to the visiting foreign business visitors at the fair. The exhibition will also provide an opportunity to propagate Government schemes and incentives for the textile industry in India, Lathia said.
Bharat Tex Special Report 2026 
