Textile Machinery Likely To Touch Rs 45K Cr. By 2022

Textile Machinery Likely To Touch Rs 45K Cr. By 2022

The size of the Indian textile machinery industry is poised to double to Rs 45,000 crore by 2022 from the present Rs22,000 crore in light of new projects and emphasis on setting up textile parks, Sanjay Lathia, chairman of India International Textile Machinery Exhibitions said.

Modi government’s ‘Make in India’ programme is also expected to help the textile sector by way of increase in demand for modern machineries.

The country has the potential to become manufacturing hub in the textile machinery with abundance of low cost skilled labour and natural resources.

But for this, sufficient focus is to be given on research and development to ensure modern technology in the sector. However, the domestic textile engineering industry is unable to fulfil the industry demand and a large volume of textile machinery is sourced from European countries, which is relatively costly.

For global textile machinery manufacturers, India remains the most important market. Indian textile machinery industry has witnessed a growth of 8 to 10 per cent to Rs 22,000 crore in 2014 from Rs 20,000 crore in 2013, buoyed by growing demand of textile and apparel market in the country.

India’s textile and apparel industry is expected to grow from the current 107 billion US dollar to 223 billion US dollar by 2021.