Textile machinery industry likely to touch Rs 45K cr by 2022

Mumbai: The Indian textile machinery industry is expected to double to Rs 45,000 crore (US$ 6.9 billion) by 2022 from Rs 22,000 crore (US$ 3.4 billion) in 2014, as per Mr Sanjiv Lathia, Chairman of India International Textile Machinery Exhibitions. The growth expectation is based on increasing demand of textile and apparel market in India. In 2014, the textile machinery industry witnessed 8-10 per cent growth to reach Rs 22,000 crore (US$ 3.4 billion). The 'Make in India' initiative is also expected to boost the textile sector by way of increase in demand for modern machineries. India's textile and apparel industry is expected to grow from the current US$ 107 billion to US$ 223 billion by 2021. Factors such as abundance of skilled labour, low cost and availability of natural resources are expected to help India fulfil its potential to become a manufacturing hub in the textile machinery. The government and the industry need to focus on research and development in order to develop modern and innovative technologies in India.

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