With the end of textile quota regime, Indian industry is growing by leaps and bounds and its exports are targeted to reach $40 billion by 2010.
At the inauguration ceremony of International Apparel Fabrics and Accessories Trade Fair, Textile Commissioner, J N Singh, said, "Domestic fabric production had almost become negative. But due to efforts of the industry and government support the sector has not only revived but surging ahead."
This January export to the US was up 44 percent compared to the January 2004.
Fabric production is rising at the rate of 9-10 percent each year, and investment of around Rs140,000 crore are required to 2010 to achieve the set targets.
Singh hopes that the industry would grow 15-20 percent and if things move in positive manner, then the target of $40 billion would be achieved by 2010.
He added that Rs50,000 crore have already been invested of which, Rs33,000 crore were account by the Technology Upgradation Fund Scheme (TUFS) and the rest from other sources.
marketing@alchempro.com
