The government’s package of Rs. 6,000 crore will boost the apparel and made-ups sector and strengthen the entire textile industry, Union Textiles Minister Smriti Irani said on Saturday.
Challenges to industry
Speaking at an awards function organised by the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) here, Ms. Irani said, “The textile sector has huge growth potential. However, the industry faces challenges in terms of production and technology because a lot of small-scale players don’t have fiscal support.” She said the government was providing support so that the sector will achieve its full potential in the years to come.
The country’s synthetic and rayon textile exports was expected to touch the $6-billion mark in fiscal year 2018, up from $5.7 billion in the last fiscal, said SRTEPC chairman Narain Aggarwal.
Mr. Aggarwal said India is the second-largest producer of man-made fibres (MMF) and is poised to drive the growth engine in the MMF textiles globally.
At present, India produces over 1,441 million kg man-made fibre and over 3,000 million kg man-made filament yarn.
The global end-use demand for textile fibre was forecast to expand by an average of 2.8% per annum to 119.2 million tonnes by 2025, Mr. Aggarwal said.