Indian Textile Machinery is poised double by 2022
The size of the Indian textile machinery industry is poised to double to USD 693.0billion by 2022 from the present USD 338.8 billion in light of new projects and emphasis on setting up textile parks, said Sanjay Lathia, Chairman of India International Textile Machinery Exhibitions
Modi government’s ‘Make in India’ programme is also expected to help the textile sector by way of increase in demand for modern machineries.
The country has the potential to become manufacturing hub in the textile machinery with abundance of skilled labour, low cost and natural resources available.
But for this, sufficient focus is to be given on research and development in order to ensure modern and innovative technologies are developed in the country. However, the domestic textile engineering industry is unable to fulfil the industry demand and a large volume of textile machinery is sourced from European countries, which is relatively costly.
For textile machinery manufacturers from Switzerland, Germany, Belgium, Italy and Spain, India remains the most important market with the export worth millions of dollars.
Indian textile machinery industry has witnessed a growth of 8-10 percent to USD 338.8 billion in 2014 from USD 308.8 billion in 2013, buoyed by growing demand of textile and apparel market in the country.
India’s textile and apparel industry is expected to grow from the current USD 107 billion to USD 223 billion by 2021.