Home / Knowledge / News / Textiles / MMF segment needs to grow substantially: CITI chairman
MMF segment needs to grow substantially: CITI chairman
10
Jan '15
The manmade fibre (MMF) segment needs to grow substantially if the Indian textile industry has to achieve a turnover of US$ 350 billion by 2025, according to Prem Malik, chairman of Confederation of Indian Textile Industry (CITI).
 
Speaking at the inauguration of Texfair 2015, the textile machinery, accessories and spares expo, in Coimbatore, Malik said the Indian Government has set a very ambitious revenue target of $650 billion by 2025; however, it is practically possible to achieve $350 billion in ten years time.
 
Since cotton has cotton has constraints of land availability and productivity limitations, the huge fibre needed to meet the high target set by the textile industry can be met only if the MMF grew substantially, Malik said.
 
He emphasised that consolidation and integration of production facilities would be another area that requires urgent attention.
 
Making a comparison of the Indian and the Chinese textile industry, he said, the Indian textile industry generates annual revenue of around $100 billion at present, with exports contributing more than half of that share. In contrast, the domestic textile market of China is estimated to be around $300 billion.
 
In global markets, MMFs have nearly 70 per cent share in the textile industry, while all MMFs taken together have only a share of around 30 per cent in Indian textile industry’s fibre consumption, he stated.
 
“Our share in fabric and apparel exports is just four per cent, while China has 44 per cent. We have to do a lot,” Malik said. 
 
“For achieving economies of scale and attracting FDI, we need to scale up our production facilities, especially in fabrics and garments, both of which are dominated by sub-optimal sizes at present,” he added.
 
Around 180 companies are showcasing their products at the four-day ninth edition of Texfair, being organised by the Southern India Mills Association (SIMA).
 
T Rajkumar, SIMA chairman, said the Government should soon announce the fibre policy to ensure stability in cotton prices. (RKS)
 
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles minister Smriti Irani at a press conference with minister of state for textiles, Ajay Tamta, the principal director general (M&C), PIB, AP Frank Noronha and other dignitaries. Courtesy: PIB

Apparel/Garments | On 23rd May 2017

Special package for knitwear coming soon: Irani

Union textiles minister Smriti Irani said that the government of...

Apparel/Garments | On 23rd May 2017

Apparel, footwear use may rise by 63% in 2030: Report

The apparel and footwear consumption is projected to rise by 63 per...

Apparel/Garments | On 23rd May 2017

Gap Inc earns $3.4 bn in net sales in Q1 FY17

Gap Inc's net sales for the first quarter of fiscal year 2017 were...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Tony Ward
Tony Ward

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search