Indian textile industry has bolstered itself to take full advantage of the quota free regime.
Local textile, which amounts to more than Rs130000 crore, has a say of four percent of the GDP and 14 percent of the industrial production, in addition to 35 percent of the country's export earnings.
As number of modern factories established with latest machineries, technologies and global-size capacities, the industry has seen much reinforcement.
Textile is the third largest producer of cotton (3009 million kgs), the fourth largest manufacturer of polyester filament (650 million kgs), second largest producer of silk (42383 million square metres), is the second largest producer of viscose (53 million kgs) and has the second highest spindleage in the world (37 million spindles).
Technology Upgradation Fund Scheme (TUFS) of the Government of India, soft cotton prices due to increased use of Bt cotton and the US-China textile pact, which curbs Chinese exports, are other encouraging factors.
Thus, Indian industry has all opportunities to become second largest textile capital of the world after China in the quota-free regime.
marketing@alchempro.com
