The textile machinery manufacturing section is one of the important segments of the industry in India. With the government initiatives like ‘Make in India’ and incentives for manufacturing sector, the domestic textile machinery industry is likely to touch Rs 32,000-35,000 crore in the next five years from the present Rs 22,000 crore, according to India International Textile Machinery Exhibitions Society Chairman Sanjiv Lathia.
The textile sector is one of the largest contributors to India’s exports, accounting for approximately 11 per cent of the total outbound shipments. India’s overall textile exports during FY16 stood at USD 40 billion and is expected to reach USD 223 billion by 2021, the chairman said.
The textile industry is the second largest employer in India after agriculture and hence it is utmost necessary that the machine manufacturing industry strengthen its base for quality output and efficiency through innovations, he added.
Through the event, India ITME Society provides a global platform for exhibitors to showcase their products and disseminate information on innovative technologies.
Foreign and domestic businessmen, academicians, research scholars, government officials from countries such as the Philippines, Myanmar, Bangladesh, Sri Lanka, Iran, Turkey, Brazil, Indonesia, Poland, Malaysia, Kenya, Ethiopia and Egypt will visit India ITME 2016 to take place from December 3 to 8 in Mumbai.
The ITME exhibition will provide an opportunity to propagate government schemes and incentives for the textile industry in India, Lathia said. The idea of ‘Make in India’ in textile engineering will be promoted to the visiting foreign business visitors.
The LYCRA Company has joined forces with Qore, a collaboration between Cargill and HELM, to make the world’s first large-scale…
Pakistani denim manufacturer Soorty has partnered with zero-waste designer Decode to create a modern and sustainable version of the jumpsuit…
Puma released its new Re: Suede 2.0 sneaker after a successful trial study which showed that the footwear could be…
A new supply chain rule, endorsed by the European Parliament, is set to enhance labor and environmental standards in the…
Freitag introduces the Mono[P6], a fully circular backpack developed over three years, crafted from a single material, emphasizing simplicity for…
Hellmann’s Canada collaborates with ID.Eight to unveil a special-edition trainer, ‘1352: Refreshed Sneakers,’ made from food waste materials like corn.