Industry body positive about textile sector growth

Though uncertainty prevails on Technical Upgradation Fund Scheme (TUFS) extension, the industry body is optimistic about the growth.

"Even if TUFS goes, we hope that the textile industry will continue to grow and perform the way it did in the post-quota regime," said Shekhar Agarwal, chairman, Confederation of Indian Textile Industry (CITI). He took charge as chairman of CITI on Wednesday.

"Bankers have shown confidence in the industry and have assured sufficient financial help for viable projects even if the scheme goes," Agarwal added.

S R Rao, executive director, Exim Bank said, "Textile industry is the largest sector in our portfolio." Canara Bank and State Bank of India are also positive about the growth of the industry.

On the question raising funds from the market, Agarwal said the last couple of years had seen a few textile firms going for public issues. He ruled out the possibilities of fresh issues in the near future.

The over $40 billion textile industry has grown by 23 per cent in the last one year and is targeting $85 billion by 2010.