India : Machinery import & JV’s to satisfy textile demand

After inaugurating 36th India International Garment Fair, Joint Secretary, Ministry of Textiles, Mr Qaiser Shamim said, easing of imports of textile machinery and encourage joint ventures (JV) for domestic manufacturing is necessary to meet the shortfall.

Discarding of the quota regime has created an increased demand for textiles and hence the need for textile machinery has arisen.

It takes between 12-18 months to supply the machineries As there is one leading manufacturer he takes about 12 to 18 months to supply the machineries.

It is estimated that investment of almost Rs 1,40,000 crore for textile sector would be needed by the year 2010 and need for textile machinery alone would require Rs 70,000 crore.

So to satisfy immediate demand machinery imports will be eased and JV’s can be worked out for long term planning. It will also invite foreign direct investment (FDI) in to the sector, he said.

In order to execute the demand to accelerate Indian exports a Group of Ministers (GoM) has been formed under Agriculture Minister, Sharad Pawar, along with Finance Minister P Chidambaram, Textile Minister Shankersinh Vaghela and Science and Technology Minister Mr Kapil Sibal as other committee members to look into the issue.

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