The Indian textile industry sees tremendous growth potential and its market size is expected to touch $250 bn in the next two years from $150 bn now. The domestic market is currently estimated at $110 bn and exports at $40 bn, said Textile Commissioner Kavita Gupta speaking after inaugurating the 6th edition of ‘HGH India 2017’, the annual trade show for home textiles and home décor held in Mumbai. Gupta said that in the last two years, a lot of buoyancy has been created in the textile sector. Various schemes have been launched, not only to upgrade technology but also to extend financial aid, to the sector. The capital investment subsidy announced by the Centre has been introduced in segments like weaving, garment, technical textile and made up, which has helped the sector.
They are also looking at modernising the machines and trying to add state-of-the-art facilities, which will help the sector. In addition, the government announced Rs. 6,000-cr special packages for the industry last year. Rebates on State levies have been introduced to encourage exports. There is an additional 10 per cent subsidy for the garment and made up segments, which means the home textile industry will get an effective 25 per cent capital investment subsidy on the new machines they bring in, leading to efficiency and modernisation of the sector.
Subsidies have proved to be very beneficial for the sector and led to increases in employment and attracted huge investments. The commissioner that the textile industry needs to utilise the various schemes launched by the government for the benefit of customers. The three-day HGH India event provides a platform to traders across segments to explore new business opportunities in the Indian market. The exposition has attracted 500 brands, manufacturers and importers.