Textile machinery exports will swell 16.67 per cent this financial year to Rs 1,400 crore, on the back of good demand pouring for spinning machinery and components of textile machinery, according to India International Textile Machinery Exhibition (ITME). Last financial year, textile machinery exports stood at Rs 1,200 crore.
In the last three years, demand continued to pour in for domestic textile machinery despite the overall slowdown in major economies. Between FY10 and FY12, textile machinery exports saw an increase of 166.67 per cent, from Rs 450 crore to Rs 1,200 crore.
According to ITME, despite the slowdown in the international textile machinery market, textile machinery exports from India will not be affected. “The (Indian) textile industry is very optimistic about demand pouring in the coming months,” said
R S Bachkaniwala, chairman of India ITME. He added that textile companies are looking at investing in machinery as part of expansion.
Most of the developing countries have been importing textile machinery from India in a big way. Bangladesh, which has emerged in the last few years as a major garment exporter, has been importing garmenting machinery from India. Vietnam, Iran, Pakistan, China and Egypt have been importing textile machinery from India.
Spinning machinery as well as spare parts for spinning have been exported heavily from India. Yarn processing units, textile accessories and weaving machines are exported in bulk.
The domestic demand for textile machinery is also expected to pick up in the next quarter as the Technology Upgradation Fund Scheme (TUFS) has been extended for another year and is expected to continue in the 12th Five Year Plan.
ITME expects textile companies to invest in machinery in the next quarter. The domestic industry, which has been witnessing a rise in demand, is also expecting to invest in machinery.