The Man Made Fiber ( MMF ) based textile sector that presently has meager 2.2 per cent share in the market needs more investment to help government’s ambitious plans to grow the size of the segment from 110 billion US Dollar to 400 billion US Dollar in the next few years.
‘Wazir Advisors’ jt managing director, Prashant Agarwal, speaking at the FICCI organized 7th annual conerence on textile and apparel industry ‘TAG 2015’ said that the investment in man-made fiber based textile value chain will help in successfully implementing ‘Make In India’ initiative for textile sector. This will help in reducing the dependability on MMF based fabric imports worth 1.2 billion US Dollar and make India a self-sufficient country in MMF-based textiles.
The country imports MMF-based fabrics worth one billion US Dollar from China, Korea and Taiwan due to absence of good quality fabric suppliers in India.
Agarwal said out of total global trade of MMF-based apparel, which is currently pegged at 170 billion US Dollar has a great opportunity to increase the share of Indian MMF for that the textile and apparel industry should work together to increase it further.
Kavita Gupta, textile commissioner, said that the government is focusing on skill development and the industry should come forward to work hand in hand with government on this area. She also stressed the need for R&D in the textile and apparel industry, which needs to be addressed collectively and in time-bound manner.
She also said that the government will open textile commissioner’s office in each state that will help industry interact with the ministry on regular basis.
