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Textile sector requires Rs1,94,000 cr to become $110 bn industry by 2012

Mar '07
Textile sector would require an investment of around Rs1,94,000 crore for its various divisions to become a $110 billion industry by 2012, during Eleventh Plan period.

Crisil's study conducted on the over $50 billion Indian textile and clothing industry showed that processing division will need larger part of the investment, followed by spinning and garmenting divisions.

Market potential of the domestic industry is estimated to reach $60 billion in 2012 from around $30 billion at present for which production output of the industry would have to be doubled by 2012 from current levels, says the study.

Overall spinning capacity at present is 29 million spindles and an investment of Rs46,000 crore would increase availability of yarn for rising domestic consumption which will help domestic value addition on cotton as export is on rise for last two years.

"At the end of the Plan period, we shall have 55 million spindles. This is worked out on the basis of the textile vision that Crisil and the government have jointly formulated with $60 billion of exports and $75 billion of domestic consumption within the country," says Sudripto Roy, Joint Secretary, Ministry of Textiles.

"Capacities have to be increased in terms of spindles, looms, knitting machines and garmenting machines," Roy said.

Continuation of Technology Upgradation Fund Scheme (TUFS) will ensure at least two-third to three-fourth of the required investments from domestic textile industry, according to Government estimates.

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