Indian textile machinery industry likely to boost with the growth in the textile sector and upcoming new projects along with the initiative taken to set up textile parks across the country by the government which help the textile machinery market to double to Rs 45,000 crore in the next 7 years from the present Rs 22,000 crore, according to India ITME Society Chairman Sanjiv Lathia.
Moreover, the Modi government's Make in India programme is also expected to help the textile sector by way of increase in demand for modern machineries.
India imports 30 percent of second hand textile machineries from major global producers namely Italy, Germany, Japan and Switzerland.
ITME Society is a body of textile industry that organizes textile engineering expo to hold the Global Textile Technology & Engineering show 2015 (GTTES 2015) in Mumbai from January 20 aiming to bring modern technology to India and be a catalyst to growth of textile engineering industry.
The three-day event, being supported by Union Heavy Industry Ministry and Textile Department of Maharashtra Government, will see participation from companies from China, USA, Korea, Japan, Germany and UK besides India.
Textile machines are used in fabrication and processing of fabrics, textiles, and other woven and non-woven materials. The industry witnessed a growth of 8-10 per cent to Rs 22,000 crore in 2014 from Rs 20,000 crore in 2013.
A weekly report covering market and price information on the entire chain of polyester along with online access to daily polyester chain prices.
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