Imports of textile machinery increases by 40.75%

23 Jul '10

2 min read

Imports of textile machinery increased to $297 million during the financial year 2009-10 from $211 million recorded in the previous financial year, hence, witnessing a rise of 40.75 percent.

Industry experts believe that, increase in textile machinery is an indication that all is not lost in the textile industry, which had remained in the state of uncertainty and gloomy since few years.

More over, soaring imports of textile machinery is a proof of the fact that, the textile segment was reviving from its bad past, wherein its future seemed dreary owing to tough competition by its competitors.

During the last month of the outgoing fiscal, textile machinery imports increased even further as it soared over 182 percent and 52 percent against June last year and May 2010, respectively.

However, during the previous two fiscals, imports of textile machinery dropped drastically when textile entrepreneurs stopped investing in their unit, owing to dipping exports of textile products.

Although, conditions are yet not favourable for the textile industry, investment in the textile industry is like a comforting prospect. More so, it is a reflection of the fact that, there still remains a chance for the textile industry to resurrect itself as a vital industry of the economy, opine industry experts.

Following the withdrawal of quota system, the textile segment recorded big investments. But these investments were lost owing to lack of competition of domestic textile products with other nations, who are enjoying zero or less duties.

Fibre2Fashion News Desk - India

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