The Man made fiber (MMF) based textile sector that presently has meager 2.2 percent share in the market needs more investment to help government's ambitious plans to grow the size of the segment from USD 110 billion to USD 400 billion in the next few years.
Wazir Advisors Jt Managing Director, Prashant Agarwal, speaking at the FICCI organized 7th annual conerence on textile and apparel industry â€˜TAG 2015â€™ here said that the investment in man-made fiber based textile value chain will help in successfully implementing 'Make In India' initiative for textile sector. This will help in reducing the dependability on MMF based fabric imports worth USD 1.2 billion and make India a self-sufficient country in MMF-based textiles.
The country imports MMF-based fabrics worth USD one billion from China, Korea and Taiwan due to absence of good quality fabric suppliers in India.
Agarwal said that out of total global trade of MMF-based apparel, which is currently pegged at USD 170 billion has a great opportunity to increase the share of Indian MMF for that the textile and apparel industry should work together to increase it further.
Kavita Gupta, Textile Commissioner, Ministry of Textiles said that the government is reading focusing on skill development and the industry should come forward to work hand in hand with government on this area. She also stressed on the need of R&D in the textile and apparel industry, which needs to be addressed collectively and in time-bound manner.
She also informed that the government will open textile commissioner's office in each state, that will help industry to interact with the ministry on regular basis.
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