PTI: July 05, 2017
Mumbai: The size of India's textile market is expected to touch USD 250 billion in the next two years from USD 150 billion now, a senior government official said today.
"We see tremendous growth potential for the textile industry and it is expected to touch USD 250 billion in the next two years from the present USD 150 billion. The domestic market is (currently) estimated at USD 110 billion and exports at USD 40 billion," Textile Commissioner Kavita Gupta said.
She was speaking after inaugurating the 6th edition of `HGH India 2017', the annual trade show for home textiles and home decor, here.
Gupta said in the last two years, a lot of buoyancy has been created in the textile sector.
She said various schemes have been launched, not only to upgrade technology but also to extend financial aid, to the sector. The capital investment subsidy announced by the Centre has been introduced in segments like weaving, garment, technical textile and made up, which has helped the sector.
"We are also looking at modernising the machines and trying to add state-of-the-art facilities, which will help the sector. In addition, the government announced Rs 6,000-crore special packages for the industry last year.
"Rebates on state levies have been introduced to encourage exports. There is an additional 10 per cent subsidy for the garment and made up segments, which means the home textile industry will get an effective 25 per cent capital investment subsidy on the new machines they bring in, leading to efficiency and modernisation of the sector."
Subsidies have proved be very beneficial for the sector and led to increase in employment and attracted huge investments, she said.
The textile industry needs to utilise the various schemes launched by the government for the benefit of customers, the commissioner added.
The three-day exposition has attracted 500 brands, manufacturers and importers. The event provides a platform to traders across segments to explore new business opportunities in the Indian market.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.