The Indian Textile industry will grow in size to be a $250 billion market in the next two years from $150 billion now as the sector has tremendous growth potential, according to textile commissioner Kavita Gupta. Currently the domestic market of the country is estimated to be a $110 billion market, while the country exports textiles of $40 billion.
A lot of optimism has been created in the textile sector in the last two years, said Gupta while addressing the audience at the inauguration of the 6th edition of 'HGH India 2017'. She added that multiple schemes have been introduced to upgrade technology used in the sector and extend financial aid to it.
The Centre had announced the capital investment subsidy which was introduced in segments such as garment, weaving, technical textile and made ups to help the sector, stated Gupta. Rebate on state levies were introduced to promote exports and additional 10 per cent subsidy on made ups and garment segments, leading to home textile industry getting a 25 per cent capital investment subsidy on new machine.
The government is now working towards modernising machines and adding state-of-the-art facilities, as per Gupta.
She also said that subsidies are beneficial for the industry and it needs to utilise schemes introduced by the government. (KD)