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Indian govt to boost funding for powerlooms in 12th Plan

21
Feb '12
The Indian Ministry of Textiles has sought a 10-fold jump in Government allocation for powerlooms during the 12th Five-Year Plan period that begins from April 2012.

Compared to allocation of Rs. 1.14 billion for the powerloom sector during the 11th Five-Year Plan, the Ministry has sought Rs. 12 billion from the Planning Commission during the next Plan period, Textile Commissioner AB Joshi said.

Speaking at the inauguration of Texpo 2012, a buyer-seller meet and exhibition of powerloom fabrics, made ups and home textiles, in Mumbai, Mr. Joshi said the Planning Commission understands that it is necessary to do something to improve the price competitiveness of Indian powerloom sector in international markets.

Mr. Joshi said the Government is planning to introduce several programmes to boost the highly unorganized powerloom sector, which accounts for about 75 percent of textiles production in the country. It includes a cluster development programme for the industry, and setting up of yarn banks to make sure that quality yarns are available to the textile sector.

The Textile Commissioner said the textile sector accounted for only US$ 32 billion of the total US$ 246 billion worth of merchandise exports from India in 2010-11. He added that the share of powerloom textiles was only 4.5 percent.

During the past six decades, Indian textile industry has been growing at an average of 3-4 percent per year. But during the 11th Five-Year Plan period, the textile sector is projected to grow at 16 percent and is expected to touch US$ 115 billion in 2011-12, with domestic market accounting for US$ 60 billion and exports worth US$ 55 billion.

There are about 2.7 million powerlooms in the country that produce nearly 75 percent of all textiles manufactured in India. Of this, around 60 percent is cotton textile/yarn production and the remaining 40 percent is synthetic textiles.

Fibre2fashion News Desk - India


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