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Textile machinery sector rejoices textile boom
24
Dec '10
Last few quarters have witnessed a strong revival in the textile sector of the country which has benefited the textile machinery segment, particularly the ones that source the spinning and weaving industries.

The textile machinery production in India registered a year-on-year growth of 52 percent, between October 2009 and September 2010, this year.

The spinning and weaving sectors also experienced a major boom during the period, as machinery production including the allied machines in both the sectors then rose by 72 percent. The spinning sector greatly contributed to the overall volume of the textile machinery produced in the country during the period with a 66.2 percent share.

Further, post economic crisis, owing to a vibrant domestic economy there has been a vigorous growth in the demand for textiles and regardless of the rise in the rates of raw materials including cotton and polyester, majority of the players have successfully shifted the burden of price rise to the end users.

Also, the Technology Upgradation Fund Scheme (TUFS) floated by the central government too has proved to be of assistance for the textile manufacturing industry and a number of textile firms have chosen to upgrade to take advantage from the scheme.

About Rs 2.82 billion were distributed under the scheme till June 2010 for fiscal 2011.

Fibre2fashion News Desk - India

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