The Government was contemplating to extend a special export package for top 40 MMF HS lines and also 10 technical textiles HS lines where the global market is over US $ 250 billion.
Notably, India’s share was a miniscule of less than 0.7 per cent, in these HS lines.
Ravi Capoor, Secretary, Ministry of Textiles, shared this and advised the stakeholders to focus on value-added MMF segment, technical textiles, scale of operation and indigenous textile machinery manufacturing facilities to make Indian textiles and clothing industry globally competitive and grab the post-COVID-19 opportunities.
He was delivering the key note address at the 62nd Annual General Meeting (AGM) of Confederation of Indian Textile Industry (CITI).
The share of MMF-based textiles and clothing products would account 80 per cent by 2030, while the share of cotton segment will get reduced to 20 per cent.
Since huge market space would be available in the international market due to geo-political issues and also scaling down of textiles and manufacturing activities in China, India being the second largest country in the world would be in a position to meet the global requirement.
T. Rajkumar, Chairman, CITI, stated that T&C industry needs further handholding to recover from the unforeseen financial stress. He appealed to the Government to either extend the relief package for all the units irrespective of their status of accounts or extend 2 years’ moratorium period for the repayment of all loans.
Since it might take several months to reach normalcy in business and financial performance, it is essential to consider this appeal to prevent closure of several thousands of textile units and jobs for several lakhs of people.
At the first meeting of the newly elected Committee immediately after the 62nd AGM of CITI, T Rajkumar, Chairman of Sri Mahasakthi Mills Limited, Palakkad, Kerala was re-elected as Chairman, S K Kandelia, President & CEO of Sutlej Textiles and Industries Ltd. was elected as Deputy Chairman and RL Nolkha, Chairman of Nithin Spinners Limited, Bhilwara was elected as the Vice-Chairman of CITI.
