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Fibre2Fashion
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Jul 11, 2016
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India's domestic textiles market could grow 8% in 2017

By
Fibre2Fashion
Published
Jul 11, 2016

Thanks to government initiatives and a good monsoon, industry experts expect the domestic textiles market to grow between 7 and 8 per cent in 2017, while exports could bring in $40 billion during the same period.

“The onset of good monsoon and government initiatives may help in growth of 7-8 per cent of domestic textile market, which was estimated at USD 60 billion in FY16,” Confederation of Indian Textile Industry (CITI) Chairman Naishadh Parikh told PTI.



The textiles exports, estimated at USD$40 billion, is likely to expand by 5 to 8 per cent this fiscal, he said.

Referring to the Rs 6000 crore special package announced last month for the garment sector, Parikh said it would further strengthen the textile value chain.

India has the second fully integrated textile value chain, next only to China. The industry is looking forward to more initiatives to further bolster the sector in view of large investments taking place in Bangladesh and Vietnam towards verticalisation of the industry, the CITI President said.

Describing Union minister Smriti Zubin Irani as “dynamic, progressive and result-oriented”, Parikh said her appointment as the Textiles Minister was most opportune as the industry is poised to translate the Prime Minister’s vision of ‘Make in India’ and ‘Skill India’ into a reality.

The Apparel Export Promotion Council (AEPC) also congratulated Ms Irani, for taking charge as Textile minister and expressed optimism that the industry would benefit from her “enthusiastic and dedicated approach.”

AEPC chairman Ashok G Rajani said in a press release that , “Under the new leadership we hope to reach double digit growth through better partnership between industry and government.”

He also appealed to the new minister to take further the special package for garment sector with early notification of new norms so that the manufacturing units could avail the benefits of the scheme.

 

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