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Indian textile sector set for huge growth

The size of India's textile market is expected to touch 250 billion dollars in the next two years from 150 billion dollars now. The domestic market is currently estimated at 110 billion dollars and exports at 40 billion dollars.

In the last two years, a lot of buoyancy has been created in the textile sector. Various schemes have been launched, not only to upgrade technology, but also to extend financial aid to the sector. The capital investment subsidy has been introduced in segments like weaving, garment, technical textile and made up.

Attempts will be made to modernise machines and add state-of-the-art facilities which will help the sector. A Rs 6000 crores special package was announced for the industry last year.

Rebates on state levies have been introduced to encourage exports. There is an additional 10 per cent subsidy for the garment and made-up segments, which means the home textile industry will get an effective 25 per cent capital investment subsidy on the new machines they bring in, leading to efficiency and modernisation of the sector.

Subsidies have proved be very beneficial for the sector and led to an increase in employment and attracted huge investments.

The textile industry needs to utilise the various schemes launched by the government for the benefit of customers.

 
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