Texprocil hails textile sector inclusion in Make in India

26 Sep '14

4 min read

He informed that for every one billion US dollars in exports, 100,000 jobs are being created in the textile sector.

Mr. Dalmia also stated that in order to give impetus to the Prime Minister’s ‘Look East and Link West’ policy, the Government should expedite signing of Indo-EU Free Trade Agreement.

This FTA, he said, will give greater access to textile products in the Western markets and simultaneously seek reduction of duties in China for value added fabrics and home textile items which will strengthen India’s ties in the east.

This will reduce the trade deficit with China which is pegged at US$ 34 billion and increase India’s exports by an additional US$ 3 billion.

“The twin pronged strategy articulated by the PM while inaugurating the ‘Make in India Movement’ would take Indian textile exports to new heights and the sector can look forward to achieving a compound growth rate of 20% per annum in the coming years,” he stated.

Home to 24 percent of the world’s spindles, and 8 percent of the world’s rotors, India is the world’s second largest producer of cotton and silk, and also the second largest textile manufacturer.

Besides this, India enjoys a comparative advantage in terms of skilled manpower and cost of production over other major textile producers, which makes the country a preferred destination for investment. (AR)

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