Schemes to strengthen investment in textile during the tenth plan cover
Rearranging spinning capacity at present nearly 38 million spindles are already existed. About 10 million old spindles required to be scrapped, and another 15 million spindles to be modernized. Adding on, about 3 million new spindles have to be set up during the tenth plan period.
Percentage Vision of India 2010 for Textiles
- Textile economy to grow to $85billion by 2010
- Creation of 12 million new jobs in textile sector.
- To increase India’s share in world trade to six per cent by 2010.
- Achieve export value of $40 billion by 2010.
- Modernisation and consolidation for creating a globally competitive industry.
Trends in Spinning
The spinning industry is the most modern and internationally competitive segment of India’s textile industry. Yarn production increased 4.5 per cent annually between 1990 and 2004, as rapid gains by independent spinners more than offset declining production from composite mills. Reflecting trends in domestic demand, the most rapid growth has been in the production of blended and 100-per cent manmade yarns. Between 1990 and 2004, production of manmade and blended yarns grew at annual rates of 8.6 per cent and 9.1 per cent, respectively.
Production of Yarn
In India production for the textile group of industries showed a surge in the entire sector. There was a significant increase in respect of textile products 16.4 per cent and cotton textiles 8.5 per cent yarn production increased by 5.1 per cent due to increase in cotton yarn manmade filament yarn production nevertheless, there was a decline in respect of blended and 100 per cent Non-cotton yarn and manmade fibers. The share of textile sector in FDI was 1.02 per cent (in terms of amount) during 2005-06 as against 4.29 per cent in the year 2004-05.