Long Term Global Scenario: India is an emerging player in the global arena of textile industry with many avenues to capture in coming times, India has a bright future to look onto and emerge as a leading contributor to world textiles. In this rising demand, man made fibres, finding use in diversified applications, would grab the lion’s share of 67% by 2015 from the current level of 62%. Despite a slump in 2008, due to global demand slowdown, I expect India to maintain a steady growth in coming years as demand picks up across the world.
The India Advantage: The Indian textile industry has to its advantage many supporting factors. The impact of current global crisis on GDP has been relatively moderate than in the past. The Indian GDP growth expected to dip marginally by 1% to about 7%.
India – Looking ahead: The industry has a lot to look ahead in the coming years in terms of market growth and adoption of newer technologies and areas of application. Bright future is in store for the textile industry. According to Confederation of Indian Textile Industry estimates the industry is expected to grow to 110 billion dollars by 2012. These estimates may slightly change because of present economic crises.
The Chief Guest, Dr. J. N. Singh, Jt. Secretary, (Textiles) Ministry of Textiles, Govt. of India, while delivering address said that the Indian textile industry has been affected due to the devaluation of US dollar as low as Rs.38 per dollar during October/November 2008 and the same got revived due to upward revision of dollar and has reached almost Rs. 49. However, the current world economic recession has brought newer problems to the sector as the industry has a major role as one of the leading exporter of the textiles and clothing to USA and Europe. If one compares the situation in other nations like China and Turkey, the recession has not so much affected the Indian industry. However, this is challenging time to go ahead and show our strength. There is more, in my opinion a psychological factor rather than a real danger.
The Textile Association, Mumbai Unit felicitated Mr. Atul K. Bhagwati, Chairman, A. T. E. Group of Companies and Mr. V. S. Chalke, Managing Director, Oriental Synthetics & Rayon Mills Pvt. Ltd. with Life-Time Achievement Awards for their contribution in the field of textile industry. The audience gave both of them a standing aviation.
Source: The Textile Association (India)
Mumbai Unit (TAI)