Synthetic textile manufacturers plan to expand capacity in 3 years

With the central government clearing some bottlenecks, synthetic textile manufacturers are planning a cumulative 500,000 tonnes of capacity addition, at an investment of about Rs 70,000 crore, over the next two to three years.

The industry saw nearly 300,000 tonnes of new capacity across the entire value chain in the past two to three years. Overall capacity of the synthetic textile value chain is now 5 million tonnes a year; China’s is 55 million tonnes.

The central government in September 2018 started releasing input tax credit, a big blocker of working capital for the entire industry. Further support in terms of a