Coimbatore, Nov. 17: “The growth prospects for textile industry is huge. Soon, our country would be in the forefront of textile industry worldwide”, Mr. Sanjay Jayavarthanavelu, Chairman and Managing Director of Lakshmi Machine Works Limited, Coimbatore, observed today.
Inaugurating the 11th edition of ‘Texfair’ and 3rd edition of ‘Farm to Finish’ expos at the Codissia Trade Fair Complex here, he also said that the industry had to go through certain changes to cope with the reforms.
Stating that there was a gap in value addition, Mr. Jayavarthanavelu opined that the correct integration of textile engineering in the industry would help reduce the gap in time.
He also called for an integration of various associations in the industry, to create a comprehensive policy to help the industry address the needs of the clients.
Mr.P. Nataraj, Chairman of South India Mills’ Association, which organised the expo, said that the industry has lost 40 per cent of business because of the economic reforms in October 2017. He however claimed that the export would improve, once the Central Government announces the appropriate duty drawback and Rebate of State Levies (RoSL) rates for different textile products.
Earlier, Kaizar Z. Mahuwala, President of Indian Textile Accessories and Machinery Manufacturers Association (ITAMMA), Mumbai, pointed out that the growth rate of the industry was 12 per cent in the country. “India will soon be the fourth largest exporter in textile and apparel industry and the market value would be Rs. 2.1 billion by 2025."
As many as 250 exhibitors from various countries including Italy, Japan, Switzerland and China displayed their products in 300 stalls. There were also participants from Rajasthan, Gujarat and Maharashtra. A total of one lakh visitors are expected to attend the expo, which would end on 19th.