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Brexit may not impact textile machinery industry: ITME
27
Jun '16
The recent decision of the United Kingdom to pull out of the 28-member European Union, commonly referred to as Brexit, may not much impact the Indian textile machinery industry, according to the textile machinery manufacturers’ body India International Textile Machinery Exhibitions (ITME) Society.

“England is not a big buyer of textile machinery. Textile manufacturing moved away from England long ago to China. So we do not see much impact on Indian textile machinery manufacturing,” ITME Society chairman Sanjiv Lathia said in Hyderabad.

Lathia and India ITME Society Vice Chairman Rajendran were in Hyderabad in connection with the Roadshow of the 10th edition of India ITME 2016 exhibition, which is to be held from December 3-8, 2016, in Mumbai.

Around 1,000 exhibitors from 93 countries are expected to showcase the latest in textile engineering at the expo, which is expected to have around 1,50,000 visitors.

Brexit news has come just two days after the Centre announced a special package for the country’s textile and garment sector, which focuses on creation of 1 crore jobs as well as strengthening manufacturing and exports, Lathia said.

The textile sector employs more than 4.5 crore people directly and is one of the largest sources of employment generation in India. The sector accounts for 13 per cent of India’s export earnings, 14 per cent of industrial production, and 4 per cent of gross domestic product.

India’s textile and apparel market is likely to reach $220 billion by 2020, growing at an annual rate of 11 per cent. (RKS)

Fibre2Fashion News Desk – India

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