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Textile exports may reach $25bn in 2007-08, ASSOCHAM
02 Apr '07
3 min read
However, current trends show that India does not lag behind China in International markets as it is observed that our textile units have been performing well in the international markets particularly after August 2006 onwards.
The Paper found that TUFS has been mainly responsible for this new phenomenon as with increased financial assistance to textile industry in the last couple of years, its fruits have now started reaping, added Mr. Dhoot. Therefore, ASSOCHAM is optimistic that our textile exports and investments will multiply manifold as financial assistance to textile industry is leading to technological infusion in most of the textile units which are revamping themselves to take on the global challenges.
On the other hand, as per findings of ASSOCHAM, China's growth of textile exports have substantially declined in last year which dropped by almost 20% due to a higher valued Chinese currency, a cut in export tax rebates and higher labour costs. The 10 per cent cap on Chinese textile exports will continue till 2008.
This has provided ample opportunity for India to establish herself in the export market and compete with China when the cap on its textile exports would be lifted.
Endowed with inherent advantages of an assured supply of raw materials and human skills, the Indian textile industry is undergoing radical changes with a view to upgrading its technology at par with the world. Investments in the core sector and ongoing modernization process have helped the industry to become competitive in the international market.
Our survey found that an increasing number of units are entering value additions to meet the needs of the global market
ASSOCHAM strongly believes that the government' Vision 2010 for textiles to increase India's share in world's textile trade from the current 4 per cent to 8 per cent and to achieve export value of US $50 billion may come true. We believe that there is much potential in the Indian textile industry.
The Paper found that TUFS has been mainly responsible for this new phenomenon as with increased financial assistance to textile industry in the last couple of years, its fruits have now started reaping, added Mr. Dhoot. Therefore, ASSOCHAM is optimistic that our textile exports and investments will multiply manifold as financial assistance to textile industry is leading to technological infusion in most of the textile units which are revamping themselves to take on the global challenges.
On the other hand, as per findings of ASSOCHAM, China's growth of textile exports have substantially declined in last year which dropped by almost 20% due to a higher valued Chinese currency, a cut in export tax rebates and higher labour costs. The 10 per cent cap on Chinese textile exports will continue till 2008.
This has provided ample opportunity for India to establish herself in the export market and compete with China when the cap on its textile exports would be lifted.
Endowed with inherent advantages of an assured supply of raw materials and human skills, the Indian textile industry is undergoing radical changes with a view to upgrading its technology at par with the world. Investments in the core sector and ongoing modernization process have helped the industry to become competitive in the international market.
Our survey found that an increasing number of units are entering value additions to meet the needs of the global market
ASSOCHAM strongly believes that the government' Vision 2010 for textiles to increase India's share in world's textile trade from the current 4 per cent to 8 per cent and to achieve export value of US $50 billion may come true. We believe that there is much potential in the Indian textile industry.
The Associated Chambers of Commerce and Industry of India
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