Textile Industry Calls For Govt Support On Ready-To-Cut Fabric Production
Date
6/10/2024 2:28:33 PM
(MENAFN- KNN India)
New Delhi, Jun 10 (KNN) The Indian Texpreneurs Federation (ITF) has urged both the Central and State governments to introduce schemes aimed at boosting domestic investments in ready-to-cut fabric production systems.
In a recent press release, ITF Convenor Prabhu Dhamodaran highlighted the apparel sector's reliance on procuring ready-to-cut fabric, allowing manufacturers to focus solely on garment production.
He noted that while China exported nearly USD 100 billion worth of fabric in the last financial year, establishing itself as a global supplier, India's fabric exports across cotton, synthetic, and cellulosic fibres amounted to just USD 3.8 billion during the same period.
Dhamodaran emphasised the substantial investments made by the Indian textile industry in recent years, including approximately Rs 26,000 crores in automatic weaving and high-tech knitting machinery over the past three years.
Additionally, the industry has imported auto-loom machines valued at Rs 16,000 crores from countries like China, Japan, Belgium, and Italy during this timeframe.
"The Indian Textile Industry, particularly the spinning and weaving sector companies, need to focus on this ecosystem to manage the volatility in raw materials and also improve their margins," Dhamodaran stated, underscoring the importance of developing a robust ready-to-cut fabric production capacity.
The ITF's appeal comes amid concerns over India's limited share in the global fabric export market and the need to enhance the domestic textile industry's competitiveness through targeted government support and policy interventions.
(KNN Bureau)
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