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Textile sector likely to grow more than three times by 2020
05
Feb '11
The government of India recently revealed that, the country's textile sector recruiting over 90 million people, is expected to grow by three times to become a $220 billion industry by 2020.

Textiles Minister Dayanidhi Maran recently while speaking at the inaugural function of the Tex Trends India said that, as per the calculations the local as well as the export turnover of the industry is likely to increase from the present $70 billion to $220 billion by 2020.

Tex Trends India is the first and only of its kind 'Made in India' textile fair which acquaints the world with India's textile and clothing potential.

The Minister said that, the show, which is going to be amongst Asia's biggest sourcing textile fair, would extend a platform to the Indian exporters where they can converge with the global buyers. He also stated that, such trade shows are likely to boost country's textile exports by $4.4 billion over the next five years.

Around 1,500 buyers from 159 countries like the Germany, US, UK, Canada and Turkey are participating in the show.

All across the globe, particularly in the US and the EU, growth in the retail sales figures serves to be a key indicator for assessing beforehand the nation's GDP growth and the market performance, and this even helps in formulating the policy response. Thus, this trade show is looked upon as an initiative which would help India to calibrate its policy response in lines with the global demand.

Finance Minister, Pranab Mukherjee, while speaking at the function, said that the government backs various development initiatives for the sector like technology up-gradation, betterment of the production process and development of the human resource.

Further, he even gave an assurance that, as the government gives priority to its commitments and allocates its resources to various sectors in larger interest of the country; the textile sector along with its rural facet too would get the preference it deserves.

Fibre2fashion News Desk - India

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