Natarajan said the biggest VSF-based textile hub is the Coimbatore-Erode belt which consumes over 20,000 tonnes of the textile a month, while the intake in the rest of the country is only 5,000 tonnes.
"The government must ensure that there are adequate safeguards in place for all products of the VSF value chain so that this industry attracts more investments and drives local manufacturing, which is the key focus of the present regime," P S Sundaram, Managing Director of Erode-based Victory Spinning, said.
Over the past five years, the domestic VSF industry grew at a CAGR of 11 per cent while exports clocked 14 per cent CAGR, the report said.
Exports jumped from 249 tonnes per day (tpd) in 2011-12 to 424 tpd in 2015-16, and domestic sales grew from 590 tpd to 853 tpd.
This growth has been driven by the largest domestic VSF producer Grasim Industries, initiatives like creating robust consumer demand and collaboration with SMEs, among others.
Development of the VSF supply chain has also attracted major global brands.
According to the report, top international brands like American Eagle, Kohls, Bershka and GAP, among others, have increased their intake from India by around 20 per cent, the report said. (SH)
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