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Domestic textiles market may grow 7-8% in 2017: CITI
09
Jul '16
Thanks to government initiatives and a good monsoon, industry watchers expect the domestic textiles market to grow between 7 and 8 % in financial year 2017while exports could bring in $ 40 billion during the 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 here.

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

Referring to the Rs 6000 crore special package announced last month for the garment sector, Mr 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 Persident said.

Describing Union minister Ms Smriti Zubin Irani as “dynamic, progressive and result-oriented”, Mr 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. (SH)

Fibre2Fashion News Desk – India

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