While cotton continues to be the major raw material for the Indian textile industry, the sector should focus on other fibres too, said Premal Udani, Managing Director of Kaytee Corporation.
Speaking at the CEO conference, organised by Southern India Mills’ Association here on Thursday as part of its annual meeting, Mr. Udani said several problems that the textile industry faced two decades ago continue even now. The contribution of textile sector to the GDP has come down to two per cent to three per cent as against four per cent earlier.
Exports (at 36 billion dollars a year) constitute just 30 per cent of the revenues earned by the textile industry.
Major share is still with the domestic market. Issues such as price volatility of cotton and import of fabrics are likely to continue. The industry should look at
building its strengths. There should be buffer cotton stocks as in China.
While the general textile industry is on a declining trend, the apparel sector is progressing. This sector is the engine of growth.
The Union Government has announced special package for the apparel sector.
Apparel sector needs a level-playing field in the international market as countries such as Bangladesh now have duty advantages, he said.
