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India : Textile Exports Likely to Touch 50 bn US Dollars |
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2003-9-23
Textiles exports could grow up to US dollar 50 billion from the present 12 billion dollars once the quota regime is dismantled in 2005.
"Textiles will play an important role in the future of Indian industry
and the Government has attached topmost priority to closely monitor trade interests of all sectors of the textiles industry," Union Textiles Minister, Shahnawaz Hussain, said addressing the Diamond Jubilee celebrations of the Association of Merchants & Manufacturers of Textile Stores and Machinery here last night.
Asking the textiles machinery industry to produce machinery which was competitive in both terms of cost and technology, the Minister said the domestic demand met by the textiles machinery industry during the Ninth Plan was only 38-46 per cent.
India is growing in the knitwear segment and almost had a monopoly but it should also grow in the weaving sector.
The Government has decided to run only 53 NTC mills, he said adding that those mills would be technologically upgraded.
The decentralised powerloom sector which produced about 60 per cent of the cloth was in urgent need of modernisation, he said, adding that the Government has set a target of induction of 2.5 lakh semi-automatic/ automatic shuttle looms and 50,000 shuttleless looms.
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