As the textile sector is struggling with declining exports due to strong domestic currency, the report stated that Indian textile and garments exports are highly concentrated in the regions of America and European Union. Huge opportunities lie for the strategic expansion of the export market in the regions of Middle East & North Africa and Sub-Saharan Africa but the high risk nature, massive investments and unstable economic conditions at the short term period calls for special fiscal and monetary incentives to be given for the new ventures for a specified time period.
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The Chamber said that the organized textile industry is facing serious crunch of textile professionals equipped with the technical knowledge as well as trade aspects of the sector. It has urged the Government to build national level textile education and training institutes imparting technical education following the model of National Institute of fashion Technology (NIFT).
The report has revealed that the textile sector suffers from high transaction cost for the lack of adequate air and maritime transport, power, logistics facility. It also warns against the removal of export restriction on China's textile exports by 2008 which would further intensify the competition in international market.
The Associated Chambers of Commerce and Industry of India
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