Tayal adds saying, "No doubt, India is one of the leaders in textile business. However, what it lacks against China is in terms of investments. To achieve top position, apart from investments, Government support is essential. If textile industry gets privileges like that of agriculture industry, as it is closely linked to cotton cultivation and yield, it will create tremendous growth prospects and generate huge employment opportunities."
As for future of textiles, sources from Sangam India Ltd say that with the Government's support, industry will see rapid progress.
An unnamed National Textile Corporation Ltd official also agrees and views that the current booming scenario and liberal Government policies will definitely boost the overall state of the textile sector.
Sandeep Sharma believes, "Textile industry is on the rise and is getting rationalized. During our visit to China, we found that they have much more unorganized market compared to India. Chinese banks are not very disciplined; as a result, companies can pay back loans whenever they want to. Thus, it becomes a kind of subsidy for the enterprises. Furthermore, Chinese currency is artificially manipulated. So, if China gets the organized market, the currency price will crash and India will be the ultimate beneficiary. In the last two years, Chinese Yuan compared with Indian Rupee has come down from 8.23 to 7.06 in Rupee terms. This change is due to the WTO agreement, which has rationalized the demand as well."
Tayal also beams, "Future prospects for textiles are unquestionably very strong. In the next 10 to 15 years, India will be much ahead of China. In fact, in the next 3 to 5 years, China will start loosing ground, similar to what is happening in Europe today."
Fibre2fashion, News Desk - India
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