Mumbai : With good beginning of monsoon, the domestic textile market is expected to grow by 7-8 per cent in FY17, an industry body said. “The onset of good monsoon and Government initiatives may help in growth of 7-8 per cent of domestic textile market, which was estimated at USD 60 billion in FY16,” Confederation of Indian Textile Industry (CITI) Chairman Naishadh Parikh told PTI here. The textiles exports, estimated at USD 40 billion, is likely to expand by 5-8 per cent this fiscal, he said.
Welcoming the new Textiles Minister Smriti Irani, Parikh said, “the appointment of a dynamic, progressive and result-oriented Cabinet Minister like Irani comes at an opportune time when the industry is poised to turn “Make in India” into a reality.” The apex chamber of textiles in India hoped the industry will achieve the ambitious goal of creating 5 crore jobs in the next few years.
India is the second fully integrated textile value chain, next only to China, and industry is looking forward to initiatives to further bolster the sector in view of large investments taking place in Bangladesh and Vietnam towards verticalisation of the industry, Parikh added. The recent initiative announced by Government should further strengthen the textile value chain, he added.
