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Global recession engulfs textile machinery industry
12
Nov '08
Indian textile machinery is going through a slow down of 15 to 20 percent and experts say that such situation is expected to continue for another six to eight months. Global recession and lower demand have affected the machinery industry quite badly.

This slowdown in textile machinery during 2007-08 has also perturbed the growth in the textile engineering industry that has plunged from 26 percent to a petty 7 percent and further it is anticipated to register a negative growth for 2008-09 fiscal.

Available statistics show that the textile machinery industry is worth around Rs100 billion, including Rs70 billion of imported equipment. The cost of machinery is critical in overall texitles production cost to compete globally.

While explaining the situation to reporters, Mr Sanjay Jayavarthanavelu, Chairman of India-International Textile Machinery Exhibition Society said, “Cheaper imports, including second hand machinery are part of the problem. Another problem is a much bigger cotton crop. Consumers too are in a wait-and-watch mood and this affects textile manufacturers.”

The prestigious International Textile Machinery Exhibition '8th INDIA ITME 2008' is scheduled to take place in Bangalore International Exhibition Centre, from November 15 to 22. Union Textiles Minister Shankarsinh Vaghela will inaugurate the exhibition.

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