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Thursday, May 29, 2014

The Indian Textiles and Clothing Industry is one of the major sectors of Indian economy and accounts for 4% of Country's GDP, contributes 14% to total Industrial Production and nearly 17% of the total export earnings are contributed by Textile sector. The Industry had invested Rs.2 lakh crore to upgrade and modernize under Technology Upgradation Fund Scheme (TUFS). 

The fortunes of the Textile industry improved during FY 2012-13 from the depressing performance of FY 2011-12 which  was caused by variety of external factors. The improvement in performance is due to moderation in cotton prices and stable demand for Yarn/Fabrics backed by consistency in prices. The Union Budget for 2013-14 has given some fillip to Textile Industry through the measures viz. Zero Excise duty route for Ready made garment industry, extension of TUFS in the 12th plan with an investment target of Rs.1,51,000 crore with focus on powerloom sector, allocation for Textile parks under the Scheme for Integrated Textile Parks (SITPs), proposal for Integrated processing development scheme. 

The Industry fulfills one of the basic necessities of life. Foreign Direct Investment (FDI) in retail is an opportunity that would unleash demand in the long run. Moreover the Government is negotiating with European Union on Free Trade Agreement (FTA) which if it comes into effect will give a big boost to Textile & Clothing industry. Technical Textiles is another segment which will drive the demand in future.

The outlook for the Textile industry remains positive with both raw material and finished goods prices remaining stable and demand being moderate. However persistent increase in other operating costs coupled with stress on liquidity is an area of concern which may have a bearing on the performance of the Industry.
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