Indian textile machinery industry to touch Rs 35,000 crores in five years
On the back of government initiatives like ‘Make in India’, the size of domestic textile machinery industry is poised to touch around INR 32000 to INR 35000 crores in the next five years from the present Rs 22,000 crores. India International Textile Machinery Exhibitions Society (IITMES) Chairman Sanjiv Lathia says the textile machinery manufacturing section is one of the important segments of the industry in India
With government’s initiatives like ‘Make in India’ and incentives for manufacturing sector, the IITMES expects the size of India’s textile machinery industry to touch INR 32000-35000 crore in the next five years from the present INR 22000 crore.
Accounting for approximately 11 per cent of the total outbound shipments, the textile sector is one of the largest contributors to India’s exports. India’s overall textile exports during FY16 stood at USD 40 billion and is expected to reach USD 223 billion by 2021, Lathia added.
After agriculture, the textile industry is the second largest employer in India. Hence it is utmost necessary that the machine manufacturing industry strengthens its base for quality output and efficiency through innovations, he observed. Meanwhile, the Society is organising the 10th edition of its exhibition ‘India ITME 2016’ in Mumbai from December 3 to 8. The event is expected to attract over 1,050 exhibitors from 38 nations, 13 delegations and nearly 1.50 lakh visitors. Through the event, India ITME Society will provide a global platform for exhibitors to showcase their products and disseminate information on innovative technologies.