Jan 31, 2018
Lack of support for small Indian textile units a challenge
Jan 31, 2018
The government’s package of Rs. 6,000 crore will boost the apparel and made-ups sector and strengthen the textile industry, where lack of fiscal support for small players is a challenge, Indian textiles minister Smriti Irani said recently at an award function organised by the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) in Mumbai.
She said the government was providing support so that the sector will achieve its full potential in the years to come, according to a news agency report.
Synthetic and rayon textile exports in the country is expected to reach the $6-billion mark in fiscal 2017-18, up from $5.7 billion in the last fiscal, said SRTEPC chairman Narain Aggarwal. India, the second-largest producer of man-made fibres, is poised to drive the growth engine in that field globally, he said.
India currently produces over 1,441 million kg man-made fibre and over 3,000 million kg man-made filament yarn. The global end-use demand for textile fibre is projected to expand by an average of 2.8 per cent annually to 119.2 million tonnes by 2025, Aggarwal added.
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