Home / Knowledge / News / Textiles / Handloom sector needs huge investment – Trade body chief
Handloom sector needs huge investment – Trade body chief
18
Jul '09
The Indian Handloom Industry is eyeing to capture the market worth of US $15 billion by the year 2014, said Mr. D. Narasimha Reddy, Secretary General of The Chamber of Handloom Industry and Commerce (CHIC) said.

In order to swell the handloom production from 7,000 million sq. m. to 14,000 million sq. m. by 2014, the need for an investment of Rs. 5,000 crore has been emphasized by the Chamber of Handloom Industry and Commerce (CHIC).

Mr. Reddy further informed that by 2012, the domestic household market potential is estimated to be $60 billion while the Free On Board (FOB) value of exports at $50 billion.

The industry has the potential to employ additional ten million people from poor and backgrounds and it is expected that the allied sectors also can provide indirect employment to about five million people.

He added that the handloom production had stabilized through market support and cluster development programs after the series of suicides across the country.

He said to make the sector globally competitive, the Technology Upgradation Fund Scheme (TUFS) should be extended by the government for handloom industry till 2012 and should reduce the cost of working capital.

Government should also establish handloom parks along with investment accelerations in the marketing segment and, should strengthen domestic textile market regulation through Indian Textile Labeling Act (ITLA) for it, added Mr. Reddy.

He further urged the government to review the National Textile Policy 2000, to modify the programs for handloom support institutions and also to encourage efficient handloom cooperatives by increasing import duty on silk fabric and decreasing it on silk yarn.

Textile industry's market size potential, by the year 2012 is $110 billion, and it would grow at more than 13 per cent per annum, he added.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 24th Apr 2017

India, Kazakhstan to increase cooperation in textiles

Indian and Kazakhstan are deliberating upon increasing cooperation in ...

Textiles | On 24th Apr 2017

Indian GDP to grow at 7.5% this fiscal: Arun Jaitley

The GDP of India will grow at the rate of 7.5 per cent in 2017-18 as...

Textiles | On 24th Apr 2017

US’ textile manufacturers applaud Buy American order

US' National Council of Textile Organisations has favoured President...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Marcel Alberts
Eurofibers

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

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
April 2017

April 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