Published on March 8, 2017
The Indian Textile Industry is one of the economies largest. Presently the textile industry accounted for around USD 108 billion and is anticipated to reach about USD 128billion in the coming four years.
As per recent news, The Indian government has come up with a number of export promotion policies for the textiles sector. India’s first integrated textiles city, which will largely cater to the export market and build a brand for Indian textiles abroad, is likely to be set up in the state of Andhra Pradesh.
Market players have said that recently the GOI has started promotion of its ‘India Handloom’ initiative on social media like Facebook, Twitter and Instagram to connect with customers in order to promote high quality handloom products.
Southern India Mills Association urged Tamil Nadu Chief minister K Palaniswami to withdraw the increase of VAT on petrol and diesel, which it said has a cascading effect on textile value chain.
Moreover, Ministry of Textiles announced that the entrepreneurs into the made-ups and garmenting sector will be given 10 per cent subsidy on capital investment under A-TUFS. Textile industry leaders will be making a representation to the minister to provide relief to the sector in order to boost manufacturing of made-ups and garments in the man-made fabric (MMF) hub of Surat.
Sector analyst said that the Indian textile Industry is growing with a rapid velocity and in near future will achieve remarkable growth in domestic consumption as well as in export demand.