Before the Indian industry become uncompetitive the Free Trade Agreement (FTAs) with European Union countries (EU) and a pact with US should be signed, advocated the Apex Industry body ASSOCHAM.

The chamber has stated that the estimated $500 billion potential consists of domestic sales of $315 billion and exports of $185 billion, in a note submitted to the government.

An ASSOCHAM release stated that to achieve this huge target, great planning and action are required by both, the industry and the government. This looks ambitious but is not impossible as China, by introducing various pro-industry policies, has progressed in the same in the last 10-15 years. D S Rawat, ASSOCHAM’s Secretary General said that the domestic market has to grow at 16-17 per cent from the present $68 billion to around $315 billion.

The total cotton exports by 2025 would be around $ 55 billion and other textiles would be around $ 14 billion, assuming that cotton exports would grow about 10 per cent at CAGR. This would leave a target of $ 116 dollar, which MMF/ Filament Yarn only can achieve.

ASSOCHAM stated that exports of MMF/Filament Yarn were currently $ 10 billion and for MMF/Filament Yarn to reach the target level of $ 116 by 2025, this segment would have to grow at more than 25 per cent CAGR.

The industry body however said that for the last 10 years, they had been regularly failing to achieve our export targets again and again because our concentration remains high on cotton. The MMF/Filament Yarn industry, which could have given the much desired growth, has not been given its due attention. They said that the time had come that we give due focus on the MMF to attain our exports and desired growth for the Textile Sector.

 www.assocham.org