Home / Knowledge / News / Textiles / Textiles Industry achieves 16% growth rate
Textiles Industry achieves 16% growth rate
13
Aug '08
The Investments in the textiles sector are expected to reach Rs. 1,50,600 crore by 2012 and this enhanced investment will generate 17.37 million new jobs in the textiles sector.

Addressing at a function in Kolkata after releasing the booklet tilted “Indian Textiles- The Sunrise Sector, highlighting the achievements of Textiles Sector during the four year tenure of the Government, The Minister for Textiles, Shri Shankersinh Vaghela said that the Indian textiles industry is in a stronger position than it was in the last six decades due to sagacious guidance provided by Smt. Sonia Gandhi, Chairperson, United Progressive Alliance (UPA) and Dr. Manmohan Singh, Prime Minister.

The industry which was growing at 3-4 percent during the last six decades has now accelerated to an annual growth rate of 16 percent in value terms and will reach the level of US $ 115 billion (exports US $ 55 billion; domestic market US $ 60 billion) by 2012.

Shri Shankersinh Vaghela said that the biggest achievement of the UPA Government was to turnaround the Indian Textiles from Sunset to Sunrise sector.

The catalyst for this exponential growth is a buoyant domestic economy, substantial increase in cotton production, the conducive policy environment provided by the Government, and the expiration of the Multi Fibre Arrangement, MFA on December 31, 2004.

The rationalization of fiscal duties undertaken during the last three years has also provided a level playing field in all segments of the industry, resulting in the holistic growth of the industry.

The Minister said that in retrospect, it can be said that the nineties were a watershed period for the Indian textiles industry.

This was the time when, in anticipation of the termination of the Multi-fibre Arrangement (MFA), the industry started scaling up, improving efficiencies and modernizing technologies.

Within one year of the MFA regime coming to a close on December 31, 2004, Indian exports grew at a staggering rate of 22%. Though, this growth rate slowed down in subsequent years, opportunities in the shape of newer, larger markets, and products, have remained.

The exports of textiles and clothing during 2004-05, 2005-06 and 2006-07 were US$ 14 billion, US$ 17.52 billion and US$ 18.73 billion respectively. These were US$ 21.46 billion in 2007-08, registering a growth of 12.10% in dollar terms, he added.

Shri Vaghela informed that the Indian Textiles Industry has suffered from severe technology obsolescence and lack of economies of scale, which in turn diluted its productivity, quality and cost effectiveness, despite distinctive advantages in raw material, knowledge base, and skilled human resources.

The UPA Government gave a renewed impetus to the implementation of the Technology Upgradation Fund Scheme (TUFS) and subsequently extended upto March 31, 2012. During its initial years, the progress of the scheme was moderate and it gained momentum from 2004-05 onwards.


Must ReadView All

UNIDO, eWTP discuss strengthening ties to back e-commmerce

Textiles | On 25th Apr 2018

UNIDO, eWTP discuss strengthening ties to back e-commmerce

United Nations Industrial Development Organisation director general...

Courtesy: HueTrap

Apparel/Garments | On 25th Apr 2018

Making sustainability affordable is a big challenge

In a lot of instances, being sustainable comes with an additional...

Courtesy: Formosa Petrochemical Corporation

Textiles | On 25th Apr 2018

Formosa to set up petrochemical plant in Louisiana

Formosa Petrochemical Corporation has selected St. James Parish in...

Interviews View All

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Urmil Arya

Sushila International, a well established textile organisation established ...

Anupam Arya

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

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kerem Durdag
Biovation II LLC

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

Marcel Alberts
Eurofibers

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

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


April 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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