Confederation of Indian Textile Industry Chairman Prem Malik at the inauguration of Texfair, an international textile machinery, Spares and Accessories Expo which began in Coimbatore on January 9, emphasized on the potential of Man Made Fibres Industry.
According to CITI the Indian textile industry has the potential to cross a turnover of $ 350 billion by 2025 if it diversifies to new product categories like Man Made Fibres (MMF),
Though the government has set a too ambitious revenue target of $ 650 billion by 2025, it was quite practical to achieve $ 350 billion in ten years said Malik.
As the industry generated annual revenue of around $100 billion at present with exports alone contributing nearly $ 60 billion, In contrast, the domestic market of China alone was pegged at $ 300 billion.
All MMFs taken together have a share of around 30 percent in fibre consumption against nearly 70 percent in global markets.
Their share in fabric and apparel exports is just four percent, while China has 44 per cent that means India have to do a lot,
Huge fibre requirements as well as the high targets set for the industry can be met only if the MMF segment grew substantially, since cotton has constraints of land availability and productivity limitations.
According to Malik, the consolidation and integration of production facilities would be another area that would requires urgent attention. Also it needs to scale up production facilities of both fabric and garments for achieving economies of scale and attracting FDI in to the country.
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