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16% growth; Indian textile industry may touch $115 billion by year end
The Indian textile industry is likely to grow by 16 percent this year and could reach US$ 115 billion by 2012-end, according to a report released by The Associated Chambers of Commerce and Industry of India (Assocham).
The report titled Textile Industry in India adds that the textile industry growth will spur a corresponding demand in its ancillary industries, including accessories and machinery.
It says there is a need to further boost textile machinery production, in view of the expected surge in Indias textile exports to US$ 50 billion.
The report estimates an 11-13 percent growth in the countrys non-woven sector and stresses on the need for installing new machinery, adopting latest technology, and improving availability of accessories.
Indias textile machinery sector presently meets 45-50 percent of the total demand of the local textile industry, according to the report.
The south Indian State of Tamil Nadu leads in manufacturing of spinning and allied machinery. The State also leads in production of textile testing equipment. In the production of machinery related to synthetic filament yarn, Gujarat has the upper edge.
Six clusters in the country Ahmedabad, Surat, Mumbai, Bangalore, Coimbatore and Ludhiana produce textile machinery worth Rs. 50.1 billion, according to the report.
As per the Government of India conducted Textile Engineering Industry (TEI) census, about 598 units manufacture complete machines, while another 848 units produce machinery parts and accessories, in addition to equipment for monitoring and testing the quality of fibres and textiles.
The report states that Indias textile industry, which chiefly consists of ginning, spinning, weaving and processing industries, contributes 4 percent to the countrys GDP, about 14 percent to the total industrial production, and accounts for about 17 percent of the countrys foreign exchange earnings.
The US and the EU nations account for almost two-thirds of Indias textile exports. The other major destinations are Bangladesh, Turkey, Japan, South Korea, Canada, Saudi Arabia and UAE.
India : Indian textile sector to grow 16% this year: Assocham - Textile News India
'Textile industry may touch $115 bn by year end'
The Indian textile industry is likely to grow by 16 percent this year and could reach US$ 115 billion by 2012-end, according to a report released by The Associated Chambers of Commerce and Industry of India (Assocham).
The report titled Textile Industry in India adds that the textile industry growth will spur a corresponding demand in its ancillary industries, including accessories and machinery.
It says there is a need to further boost textile machinery production, in view of the expected surge in Indias textile exports to US$ 50 billion.
The report estimates an 11-13 percent growth in the countrys non-woven sector and stresses on the need for installing new machinery, adopting latest technology, and improving availability of accessories.
Indias textile machinery sector presently meets 45-50 percent of the total demand of the local textile industry, according to the report.
The south Indian State of Tamil Nadu leads in manufacturing of spinning and allied machinery. The State also leads in production of textile testing equipment. In the production of machinery related to synthetic filament yarn, Gujarat has the upper edge.
Six clusters in the country Ahmedabad, Surat, Mumbai, Bangalore, Coimbatore and Ludhiana produce textile machinery worth Rs. 50.1 billion, according to the report.
As per the Government of India conducted Textile Engineering Industry (TEI) census, about 598 units manufacture complete machines, while another 848 units produce machinery parts and accessories, in addition to equipment for monitoring and testing the quality of fibres and textiles.
The report states that Indias textile industry, which chiefly consists of ginning, spinning, weaving and processing industries, contributes 4 percent to the countrys GDP, about 14 percent to the total industrial production, and accounts for about 17 percent of the countrys foreign exchange earnings.
The US and the EU nations account for almost two-thirds of Indias textile exports. The other major destinations are Bangladesh, Turkey, Japan, South Korea, Canada, Saudi Arabia and UAE.
India : Indian textile sector to grow 16% this year: Assocham - Textile News India
'Textile industry may touch $115 bn by year end'
