Tamil Nadu's textile sector to harness value addition for growth: ITF
Tamil Nadu’s textile industry is expecting growth, especially in export markets, and sees value addition as the way to achieve this, the Indian Texpreneurs Federation found in a new survey.
Of the ITF’s surveyed textile entrepreneurs, 30% stated that they were confident that they could double their current sales in the coming three years with a Compound Annual Growth Rate of 25%, the Press Trust of India reported. Moreover, 18% of surveyed entrepreneurs said that they are confident they can reach the target of doubling yarn sales in the coming five years with a 15% CAGR. The ITF reported a positive trend in Tamil Nadu’s export market and found that many business owners are confident that this trend will continue.
“This trend will help the TN textile sector to further strengthen the value-added product manufacturing,” said the ITF’S convenor Prabhu Damodharan in a statement, the Press Trust of India reported.
The areas of Tamil Nadu’s textile industry which are showing the most promising signs of growth include apparel, home textiles, and weaving, according to the ITF. The survey also found that 76% plan to double their current site of business in the coming three to five years.
The survey had input from 257 ITF member companies which have combined annual turnover of Rs 36,000 crore ($5.41 billion). The businesses work in sectors across the textile industry including apparel, home textiles, spinning, and weaving, among others.
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