Source: The Economic Times, Jan 15, 2015
MUMBAI: The size of India’s textile machinery industry is poised to double to Rs 45,000 crore in the next 7 years from the present Rs 22,000 crore on the back of new projects and emphasis on setting up textile parks, an industry expert has said.
“The growth in the sector and upcoming new projects along with government’s initiative to set up textile parks may boost the textile machinery industry. The market size of the sector is set to double to Rs 45,000 crore in the next 7 years from the present Rs 22,000 crore,” India ITME Society Chairman Sanjiv Lathia told PTI here.
Textile machines are used in fabrication and processing of fabrics, textiles, and other woven and non-woven materials. The industry witnessed a growth of 8-10 per cent to Rs 22,000 crore in 2014 from Rs 20,000 crore in 2013. Read the rest of this entry »