Textile Minister Vaghela envisions bright prospects for the sector

03 Oct '05

2 min read

Expressing satisfaction over the textile industry's recent performance, the Union Textiles Minister Shankersinh Vaghela assured full support to the sector in making it globally competitive.

Stating that investments in the textile industry has gone up, and the advantage enjoyed by it in terms of raw material, skill manpower, design capabilities, Vaghela said, Indian textile exports are set on a high growth rate in the coming years.

He mentioned this at the export awards presentation ceremony of the Cotton Textile Exporters Council of India (TEXPROCIL), claiming that April-August provisional export data showed a growth of around 20 percent.

Indian exports to the US market grew by over 27 percent, while that in European Union stood at 13 percent, he added.

Industry should scale up operations and modernize plant and machinery to take advantages of the buoyant Indian economy, that was likely to grow by over 7 percent, Vaghela quipped.

Agreeing that Indian textile industry was burdened with high transaction costs, poor infrastructure and archaic labour laws yet, he expressed hope that textile entrepreneurs would find solution to these issues.

He assured that high cost of textile production, labour reforms and infrastructure development would be accorded high priority by the Government to ensure that industry could compete globally and in domestic markets, as well.

Stressing on the importance of Free Trade Agreements (FTA), he said that free flow of goods within the Asia region is expected to become a reality soon, as would be the reduction in tariffs leading to increased imports, he concluded.

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