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High demand to push India's textile machinery exports
11
Dec '12
Rising demand for spinning machinery and components of textile machinery is likely to push India’s textile machinery exports for the current fiscal by 16.67 percent to Rs. 14 billion, India International Textile Machinery Exhibition (ITME) Chairman RS Bachkaniwala has said.
 
Last fiscal, India exported textile machinery worth Rs. 12 billion.
 
Bulk of textile machinery exports from India consist of spinning machinery and spare parts for spinning. In addition, there is also good demand for textile machines from yarn processing and textile accessories units. Weaving machines from India are also being sought after by international customers.
 
ITME said in spite of sluggish growth in major economies, India has been meeting rising demand for textile machinery over the past three years. Demand for textile machinery surged by almost 166.67 percent from Rs. 4.5 billion to Rs. 12 billion between 2009-10 to 2011-12.
 
Mr. Bachkaniwala said though world textile machinery market is experiencing a slowdown, this is not going to impact India’s exports. It is because the Indian textile industry envisages good demand in next quarter, as several textile firms are planning to expand by investing in machinery.
 
Majority of the emerging economies import textile machinery from India, on a large-scale. Vietnam, Pakistan, Egypt, Iran and China are few such countries which import textile machinery from India. Moreover, Bangladesh, which has transpired as a leading garment exporter over the last few years, also imports garment machinery from India.
 
The Indian textile machinery sector is also expected to witness increasing demand from domestic market as the Government has extended the Technology Upgradation Fund Scheme (TUFS) for one more year, and is expected to further extend it for the 12th Five Year Plan period.
 

Fibre2fashion News Desk - India


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