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Machinery sector cashing in on textile boom
25
Sep '10
The textile machinery sector in India with a turnover of Rs. 40 billion, is gaining ground on back of the recent surge in the prospects of the textile industry. Further, rising demand for Indian textiles in world markets is also arousing the expectations.

Accompanied by high yarn prices, the spinning mills are functioning close to optimum levels, which are brightening the scenario of the textile machinery sector.

It was only after announcement of the Textile Up-gradation Fund Scheme (TUFS) by the Union Government in 2002 that, demand for textile machinery started perking up. This was because, the scheme granted subsidies and other benefits for up-gradation of machinery.

The machinery industry was badly hit by the 2008 economic slump, when the textile firms discontinued, placing new orders for acquisition of machineries and even annulled the orders, already in place.

However, now for the last few months the situation is getting better, and it seems like the sector is regaining its original impetus that it carried prior to the global slump.

Fibre2fashion News Desk - India

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