Indian Textile Market Expected to Double by 2012.

The current domestic market of textile in India is expected to increase to $60 billion by 2012 from the current $34.6 billion.

"India has all the potential to beat China through the textile industry," said Digvijay Singh, General Secretary of the All India Congress Committee at a conference organized by the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC), in Mumbai.

Indian textile industry is one of the most important sectors of the country’s economy contributing 4 percent of GDP, 14 percent of industrial production, 17 percent of export earnings.

“The sector is the second largest provider of employment, after agriculture, employing more than 35 million people directly,” said Ganesh Kumar Gupta, Chairman of the Council at the conference.

Indian synthetic and rayon textile industry is gaining importance and their exports are in the range of 186.91 billion rupees in 2009-10.

Digvijay Singh said that the Indian bureaucracy should act as real facilitators rather than regulators before assuring the textile industry of his support. “The opportunities are immense and it is only a question of proper mindset to translate these opportunities into reality,” he said.

Currently, the industry is estimated to be around $52 billion and is also projected to be around $115 billion by the year 2012.

The textile export of the country was around $19.14 billion in 2006-07, which saw a considerable rise to reach $22.13 in 2007-08.

The share of exports is also expected to increase from 4% to 7% within 2012.

Source : yarnsandfibers.com