India is self-sufficient in textiles as the textile industry is one of the major contributors for India’s export basket contributing 12% of India’s total foreign exchange receipts and is not dependent on imports.
This was projected by then planning commission that textile exports will grow by 12% in coming years. In light of this, it becomes necessary to encourage textile exports, B K Goenka, Chairman of Welspun said.
Welspun expects proposal to encourage textile export from government wherein the interest rates for Textile exporters should be capped at 7% as it will significantly reduce the interest payment burden of textile exporter and attract more and more investments.
India’s share in world textile market is mere 4% as compared to China’s 35%. The Industry needs to focus on achieving larger share in global markets. To achieve this, Textile industry needs investments in Large Scale Industries (LSI) and mega textile projects.
As textile Industry is the second largest employment generator after Agriculture, skill development has been identified as one of thrust areas by the centre. Welspun proposes that textile ministry should devise a policy for developing multiskilling institutes through Public Private Partnership (PPP). Current scheme for skill development devised by textile ministry does not give reimbursement of expenditure on infrastructure for training institutes, which should be given in the future. Training syllabus should be made common across the country which will make beneficiary employable everywhere, Mr. Goenka added.