Textile machinery exports likely to increase this fiscal

Textile machinery exports likely to increase this fiscal

Increase in the range of marginal growth due to tepid international demand in 2016-17, the exports of textile machinery, equipment for spinning, spinning accessories, weaving preparatory and other accessories likely to see an increase of about 15 to 20 percent this fiscal year.

“The international market did not see much growth last year. Further, for exports to grow in a particular market, the manufacturers needed to have local facilities to provide after sales and service support,” S. Chakraborty, secretary for the Textile Machinery Manufacturer’s Association, said.

Due to very low prices of looms in China, it had been a big supplier of looms. Due to which accessories and spares are imported from China into India in large quantities, Chakraborty added.

The domestic investments was hampered by demonetisation and GST, he said. However, this was expected to correct in five to six months and investments would pick up.

According to data available with the Textile Machinery Manufacturers’ Association, machinery exports in 2016-2017 were worth Rs. 2,438 crore compared with Rs. 2,351 crore the previous year. Total production of textile machinery in the country was to the tune of Rs. 6,650 crore, including spares and accessories. The association data also showed that only about 32% of domestic demand was met indigenously.

– Apparel and Textile News, Apparel Talk, Indian Apparel