Tex-Trends begins; need to monitor retail index - Textile Minister

02 Feb '11

4 min read

The Finance Minister Shri Pranab Mukherjee assured the textiles industry the Government's continuous support to upgrade technology, manufacturing processes and conducive policy enviornment to facilitate its proper growth and enhance productivity.

Shri Mukherjee said “The Government is sensitive to the needs of this industry. It has provided and shall continue to provide the textile industry a conducive policy environment to facilitate its growth, augment R&D efforts, and encourage innovation with a view to enhance productivity. The Government supports up-gradation of technology, manufacturing processes and the development of human resources for this industry.” The Finance Minister said this while speaking at a function after inaugurating “Tex-Trends India 2011” held at Pragati Maidan, New Delhi.

Towards this end, Shri Mukherjee said that the Union Budget 2010-11 took several initiatives. It included a significant increase in funds allocated to Cotton Technology Mission and to the integrated textile parks, and extension of the interest subvention of 2 per cent until March 31, 2011 for exports covering handicrafts, carpets and handlooms segments of this industry. The textile industry is also being supported with an extensive skill development programme to train 3 million persons over a 5 year period, by leveraging the strength of existing institutions under the textile ministry, he added.

Shri Mukherjee said that in the post-global financial crisis period, even as the economy gathers momentum and our exports grow, there are many sectors of the economy that need policy attention. As the time for Union Budget draws closer, he said that the expectations of actors from these different sectors of the economy tend to rise. Considering this a healthy sign for a growing economy , the Finance Minister further assured textile industry said “ as the Government prioritizes its commitments and resources in the overall interest of the economy, the textiles industry, including its rural dimension, will be given the priority that it deserves.”

The Finance Minister said that the economic reforms pursued by successive Government over the last two decades have unleashed a new era of high growth in the Indian economy, especially so in the last 5 to 7 years. The textile sector has seized the opportunity presented by this growth. In this scenario, the Finance Minister emphasized the need to accelerate and sustain this momentum through a combination of timely policies for enhancing investments, rapid improvement in our infrastructure and making our growth process more inclusive.

He expressed happiness that the Textiles Ministry has finalized the National Fibre Policy and hoped that this will improve competiveness of all segments of the textiles industry. In addition, serious efforts are being made by the Textile Ministry to increase textiles exports and Tex-Trend 2011 is a step in that direction, Shri Mukherjee added.

While delivering his presidential address, Thiru Dayanidhi Maran , Textiles Minister said that the Tex Trends India 2011 is expected to promote brand image of the Indian textiles and clothing brands. It is a platform to the Indian exporters to meet the Global buyers and would be one of the Asia's largest sourcing Textiles show.

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