Indian Textile Machinery Industry to Hit Rs.35,000cr in 5 Years

Indian Textile Machinery Industry to Hit Rs.35,000cr in 5 Years

The size of domestic textile machinery industry is poised to hit Rs.32,000 to 35,000 crore in the next five years from the present Rs.22,000 crore on the back of government initiatives like ‘Make in India’.

“The textile machinery manufacturing section is one of the important segments of the industry in India,” Sanjiv Lathia, chairman, India International Textile Machinery Exhibitions (ITME) Society said.

“The textile sector is one of the largest contributors to India’s exports, accounting for approximately 11 per cent of the total outbound shipments. India’s overall textile exports during FY16 stood at 40 billion US dollar and is expected to reach 223 billion US dollar by 2021,” he said.

“The textile industry is the second largest employer in India after agriculture and hence it is utmost necessary that the machine manufacturing industry strengthen its base for quality output and efficiency through innovations,” the chairman added.

Meanwhile, the society is organising the 10th edition of its exhibition, ‘India ITME 2016’, in Mumbai from December 3 to 8. The event is expected to attract over 1,050 exhibitors from 38 nations, 13 delegations and nearly 1.50 lakh visitors.

Through the event, India ITME Society provides a global platform for exhibitors to showcase their products and disseminate information on innovative technologies.

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