ALSO READGovernment announces enhanced support under Merchandise Exports from India Scheme (MEIS) of the Foreign Trade Policy Government Invites Tesla To Make In India India's June oilmeal exports down by 48% Mexico emerges top market for India's auto exports: EEPC India's garment exports may hit USD 20 bn in FY17
The size of domestic textile machinery industry is poised to hit Rs 32,000-35,000 crore in the next five years from the present Rs 22,000 crore on the back of government initiatives like 'Make in India', an industry member said today. "The textile machinery manufacturing section is one of the important segments of the industry in India," India International Textile Machinery Exhibitions Society Chairman Sanjiv Lathia told reporters here. "With the Government's initiatives like 'Make in India' and incentives for manufacturing sector, we expect the size of India's textile machinery industry to touch Rs 32,000-35,000 crore in the next five years from the present Rs 22,000 crore," he added. The textile sector is one of the largest contributors to India's exports, accounting for approximately 11 per cent of the total outbound shipments. India's overall textile exports during FY16 stood at USD 40 billion and is expected to reach USD 223 billion by 2021, the chairman said. The textile industry is the second largest employer in India after agriculture and hence it is utmost necessary that the machine manufacturing industry strengthen its base for quality output and efficiency through innovations, he said. Meanwhile, the society is organising the 10th edition of its exhibition, 'India ITME 2016', in Mumbai from December 3 to 8.
The event is expected to attract over 1,050 exhibitors from 38 nations, 13 delegations and nearly 1.50 lakh visitors. Through the event, India ITME Society provides a global platform for exhibitors to showcase their products and disseminate information on innovative technologies. Foreign and domestic businessmen, academicians, research scholars, government officials from countries such as the Philippines, Myanmar, Bangladesh, Sri Lanka, Iran, Turkey, Brazil, Indonesia, Poland, Malaysia, Kenya, Ethiopia and Egypt will visit India ITME 2016. The idea of 'Make in India' in textile engineering will be promoted to the visiting foreign business visitors. The exhibition also provides an opportunity to propagate government schemes and incentives for the textile industry in India, Lathia said.
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