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Industry News | Time: Jun 23 2017 10:41AM
[2017 China Yarn & Fabric Summit (The 6th Imported Yarn Forum)]Recent Developments in the Indian Textile & Apparel Industrial Chain
 
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Mr Ujwal Lahotim, president of TEXPROCIL delivers his report Recent Developments in the Indian Textile & Apparel Industrial Chain.


His speech can be classified as the following four parts:

Indian textile industry is of great importance in its domestic economy, with a contribution rate of 5% to GDP, and a contribution rate of 14% to industrial production a share of 15% in country’s exports. And people directly hired in the industry reaches 48 million and indirectly hired 45 million. It is the world’s # 1 producer of cotton, world’s # 1 producer of Jute, world’s # 2 producer of silk, has highest # of looms in the world and shares 22% of world’s spindle capacity

He also talked about the status quo and future development of cotton, textile, fabric, home textile and clothing sectors as well as technology advancements.

In his third part, he introduced recent development of Indian policies: market friendly ecosystem. Integrated Textile Parks have been setup thereby providing additional employment to 100,000 people and additional investment of approx. US$ 1,500 million. Integrated Processing Development Scheme (IPDS) enables the textile processing sector meeting environmental standards. Major impetus has been given to upgrading of plain power looms. Yarn Banks have been sanctioned to ensure availability of raw material at a reasonable rate to decentralized weaving sector. Labor Law reforms provide increased level of benefit to both employers and the employees. Implementation of GST across the entire value chain would improve the competitiveness.

In the final part, he talks about Indian 2025 vision. It is envisaged that, by 2024-25, India should become a net exporter of finished products. Other initiatives by the Government, such as, ‘Ease of doing business’, ‘Make in India’ and Increasing level of investments would lead to enhancement of textile value chain supported by fast growing domestic market.
[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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