Addressing specifics, the textile industry sought extension of 10 percent upfront capital subsidy for specified textile processing machinery by one more year.
The Technology Upgradation Fund Scheme (TUFS) ends on April 19, 2006 offering 5 percent subsidy on textile processing.
As processing remains a weak link in entire production chain, industry seeks more time to take up the challenges in the post quota phase, opined majority of industry insiders.
Meanwhile, drawing a parallel with Indian Software industry, Vaghela said, “The domestic apparel industry will be the next Indian software industry offering international quality products and services. Following the dismantling of the textile quota regime, the Indian apparel industry has already grown and events like AME '06 will assist local players to match international quality standards.”
Textile Ministry has already announcing ambitious plans that will enable India to garner $25-30 billion worth export by 2013.
Correspondingly, the industry has asked for between Rs 20-25 billion in investments in the coming 2-3 years, that will grow to more than Rs 200 billion by end 2010.
Big ticket retailers Like Wal-Mart, Sears, JC Penney, K-Mart, Marks & Spenser and H&M.
Buying volumes for many of these players areThese retailers put to gether haivng individual sourcing anywhere between Rs 10-20 billion per year, will stage a combined sourcing from India worth Rs 100-150 billion in the coming 3-4 years.
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