The stake holders from the textile and garment industry have welcomed the move of the government to provide a stimulus package to modernize obsolete machinery and in turn improve productivity of the companies.
Around 2,700 companies would be eligible for the package. Experts have said that this will help modernize the machinery which had an average age of 20 years and proved to be a hindrance in delivering productivity as well as quality.
Quoting from statistical data, experts say, the total production from the sector in 2008 stood at 1.34 million tons, of which 529,000 tons was earmarked for exports from the country and the rest for domestic consumption in the country.
Now the textile sector wants to follow the path set by the footwear sector and increase the domestic share of the sector, which would off course mean that export shipments from the sector may not reach the US $10.48 billion mark achieved in 2008.
Shipments from the textile and garment industry according to the experts have fallen by as much as 30 percent in the first three months of 2009 and expect the situation to worsen with each passing year and expect a beacon of hope only in 2010.
Fibre2fashion News Desk - India
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