No immediate impact from Brexit on Indian textile machinery manufacturing

YarnsandFibers News Bureau 2016-06-27 14:00:00 – Mumbai

India does not see an immediate impact from Brexit on its textile machinery manufacturing as England is not a big buyer of textile machinery and also textile manufacturing moved away from England long ago to China, according to Sanjiv Lathia, Chairman of India ITME Society, the industrial body of Textile Machinery Manufacturers.

Though it is too early to react, but, it has come just two days after new textile policy was announced by the Government of India which focuses on creation of 1crore jobs as well as manufacturing and exports.

The newly announced Central Government’s Textile Policy will strengthen employment in the country. The policy is aimed at creating one crore jobs over the next 3 years, following labour friendly measures such as initiation of fixed term employment and enhancing duty drawback to push textile and apparel exports etc.

Sanjiv Lathia, Chairman and Rajendran, Vice Chairman of India ITME Society, Sudhakar Chouwdary, member of ITME Society and MD of Mohan Spintex India Pvt. Ltd were in city in connection with the Roadshow of India ITME 2016 exhibition which will be held once in four years. The Roadshow was held at Hitext on Saturday.

The 10th edition of the expo will be held at Mumbai from 3rd to 8th December. It is being organized for the past 40years. Nearly 1000 exhibitors from 93 countries will showcase some of the latest products, machinery etc. From Fabric to Finished Garment, the expo will showcase running machinery, latest in Textile Engineering etc. It is expected to have a footfall of 1.5 lakh.

Srinivas Sri Naresh, Secretary to Govt of AP was the Chief Guest. Srinivas Reddy Additional Director from Govt of Telangana also graced the Roadshow. Speaking on the occasion, Srinivas Sri Naresh said AP Govt has been putting lot of efforts in roping in investments into the state. Under Sagarmala Project alone Govt of Telangana is expected to get investments of Rs 3300crore for the export of garments. They are the number 3 state in cotton cultivation and produce 20 lakh bales of cotton every year. Cotton is cultivated in nearly 22 lakh hectares. AP has 125 pinning mills. AP Government’s KPMG Policy Document on Textiles is rated the best in India.

Speaking further Srinivas Sri Naresh said AP Govt has commitment from 450 units who will invest well over Rs 9000crore.

Speaking on occasion Rajendran, Vice Chairman of the India ITME Society said that the proposed event will be an exhibition for the best of Textile, Engineering, Innovation, Customised Solutions, Green Technology, Fibre and Yarn, informed Rajendran.

The event is supported by Department of Heavy Industry, Textile Ministry, Government of India and INDEXTB, Government of Gujarat and AP as State Partners. It is also supported by 73 international industry associations, Universities and Media Partners across the globe.

The Textile sector plays a key role in the Indian economy by way of significant contribution to GDP, manufacturing output, employment generation and export earnings. The sector contributes 14% to industrial production, 4% to India’s GDP and constitutes 13% of the country’s export earnings.

Textile Sectors is one of the largest source of employment generation in India, it employes over 4.5 crore people directly. India has the second largest manufacturing capacity globally.

Speaking on the occasion, Sanjiv said that India is the second largest textile market in the world, ranking first in loom capacity, second in spindlage. India has taken giant strides in harnessing technology complimenting with its traditional skills. India is the largest producer of jute, second largest producer of silk and fibre, 4th largest in staple fibre, 5th largest in synthetic fibre/yarn. 6th largest in filament yarn, 7th largest producer of wool.

Indian Textile and Apparel expected to reach a market size 220 billion US $ by 2020, with a 11% annual growth. By 2023, India’s Textile exports pegged at 145.6 billion US $. By 2025, Indian Domestic Apparel consumption will touch US$200 billion. Surpassing large consumers like Japan, Brazil and Russia. India is now one of the most attractive destinations for most brands and retailers. A heaven for global textile machinery manufacturers and allied industries, he informed.

He also informed that Green Technology and waste water technology for textile units from Italy, China and India shall provide much required solutions for Indian Textile Units. Carpet machinery from Belgium and Turkey, Fiber and Yarn from China, Taiwan, Germany, Indonesia will also be lot of interest to visitors.

The 10th India ITME event shall showcase 8 new products launches for spinning, 7 for processing and 9 for weaving, totaling 25 new products for the business visitors to see first time. Apart from these, 162 new companies have also agreed to participate out of which 32 are foreign companies.

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