Ministry Of Textiles welcomes the distinguished representatives of media present at the Annual Economic Editors Conference – 2005 (EEC).
Though the Conference is an annual event, this year it has a special significance, since the results of the textile quota phase out will start to become visible and the deliberations would provide highly useful inputs to draw future path for textiles sector.
2. Friends, the complete dismantling of quota regime with effect from 1st January 2005 truly marks a watershed event in the history of global textiles and clothing trade. It is widely acknowledged that the abolition of quota regime would result in increased international trade, thus providing greater export opportunities.
The Indian textile and clothing industry is in a resurgent mood and is making vigorous efforts to upgrade its production technology and improve competitiveness in order to face new challenges and opportunities with confidence.
The industry expects that the Indian textile sector has the potential to reach a size of 85 billion US Dollars by 2010 fuelled by both exports as well as rise in domestic consumption.
3. As all of you are aware, India is one of the fastest growing economies of the world. The major trade partners and other countries are looking towards us for the contribution in the growth of the global economy. One of the basic principles of governance laid down in the National Common Minimum Programme, you know, is a commitment to ensure that economy grows at least by 7% to 8% per year in a sustained manner over a decade and more.
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