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23 Feb 2024, Edition - 3146, Friday

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Target to double the textile revenues to $300bn by 2025

Covai Post Network


COIMBATORE: The Government has set a target to double the revenues from the textile industry to $300bn by 2025 from the current $150bn, a top official said on Friday.

“The industry as of now is generating $150bn with domestic market standing at $110 bn and exports $40 bn,” Textile Commissioner Kavita Gupta said here.

“To reach the target, the productivity and yield levels of both – cotton fibre and synthetic – will have to be stepped up,” Kavita told reporters on the sidelines of inaugurating the Regional Office of Synthetic and Rayon Textile export Promotion Council.

Stating that the annual production of cotton textiles was 6.5 bn kgs, while synthetic textiles at 2.5 billion kgs, she said that the industry has to increase the production of synthetic clothes manifold to double the revenues.

“We will be able to produce eight billion kgs of cotton textiles by improving productivity and yield levels and for the remaining, only synthetic (textiles) will be able to fulfill,” she said.

“Synthetic textiles accounted for 70 per cent of the overall textiles production while cotton constituted only 30 per cent in the world, whereas in India, cotton still accounted for 70 per cent,” Kavita pointed out.

Replying to a question on cotton, Kavita said that the country was in a extremely comfortable position and as far as prices of fibre, domestic prices was lower than the International prices.

Stating that the investment in the garment and made-up sector was estimated at about Rs. 30,000 crore and there was scope for further investment, with huge opportunity in technical textile, Kavita asked the industry to take advantage of Rebate of State Levies, as the Ministry would soon release Rs. 900 crore to meet the pending benefits under it.

“About 2.5 lakh new jobs were created in the garment and made up sector, after the Government announced a relief package in June 2016,” she said.

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