Home / Knowledge / News / Textiles / Domestic textiles market may grow 7-8% in 2017: CITI
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


Must ReadView All

Courtesy: European Commission/European Union

Textiles | On 26th May 2018

EU set to negotiate FTAs with Australia & New Zealand

The European Union is all set to begin negotiations for free trade...

US bans import of cotton goods from Turkmenistan

Textiles | On 26th May 2018

US bans import of cotton goods from Turkmenistan

The US Customs and Border Protection (CBP) has issued a Withhold...

FPCCI prepares report on Pakistan's export issues

Textiles | On 26th May 2018

FPCCI prepares report on Pakistan's export issues

Federation of Pakistan Chambers of Commerce and Industry (FPCCI)’s...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search