The government’s Rs 6,000 crore package will boost apparel and made-ups sector and strengthen the entire textile industry, Union Textile Minister Smriti Irani said on Saturday.
Speaking at an export awards function organised by the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) here, Irani said, “The textile sector has huge growth potential. However, the industry faces challenges in terms of production and technology because a lot of small scale players don’t have fiscal support”.
She said the government was providing support so that the full potential of the sector will be achieved in the years to come.
The country’s synthetic and rayon textile exports was expected to touch $6 billion mark in FY 2018, up from USD 5.7 billion in the last fiscal, said SRTEPC chairman Narain Aggarwal.
Aggarwal informed that India was the second largest producer of man-made fibres (MMF) in the world and was poised to drive the growth engine in the MMF textiles globally.
Presently, India produces over 1,441 million kilograms of man-made fibre and over 3,000 million kg of man-made filament yarn.
The global end use demand for textile fibre was forecast to expand by an average of 2.8 per cent per annum to 119.2 million tonnes by 2025, Aggarwal said.