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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

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