The Indian synthetic fibre industry could grow at a CAGR of 5-6 per cent over a period of five years, Rajen Udeshi, president, Association of Synthetic Fibre Industry (ASFI) said. The textile industry estimated at 130 million US dollar is likely to grow to 300 million US dollar in the next few years.
The fibre industry of the country also needs to grow along with the textile industry as cotton supply here is limited, Udeshi said at the 11th Asian Chemical Fibre Industries Federation (AICIF) conference. Gujarat, Maharashtra and Madhya Pradesh are giving incentives for setting up synthetic fibre units, he said.
Udeshi also said high-quality fabric is what India needs. The government should also support the industry to accelerate its growth by removing exemption in value chain, ensuring fibre neutrality and providing a uniform duty structure.
The two-day AICIF conference highlighted sustainable strategies for the chemical fibre sector. It was attended by representatives from Indonesia, China, Korea, Japan, Pakistan, Malaysia, Thailand and Chinese Taipei.
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