In future, China’s share is expected to further reduce because of gradual shift of global buyers from there due to rising manufacturing costs in China and availability of other lower cost destinations in other region.
Browsing: Automation
Will 2019 open the doors to the much-touted New-Age Era for the Indian textile industry? Many are optimistic that good times are ahead, but there are questions hanging around that defy definite answers. An ITJ Exclusive Report reveals the industry’s views and visions.
The challenges for the textile machinery industry are manifold with a view to 2019: The political and economic framework conditions have deteriorated, incoming orders in important markets are difficult to predict. Markets that have so far been less in focus have to be observed and worked on more intensively.
The Textiles Committee is raring to rewrite its role as a greater facilitator of textile industry, its production and trade: this was clearly evident during a recent informal chat the Editor of the Indian Textile Journal had with the Secretary of Textiles Committee, Ajit B Chavan.
In the year 2018, textile industry has seen some improvements from the setbacks faced due to demonetisation and GST. Now each and every textile manufacturer, trader and entire value chain have accepted and understood that GST is now a part of the system, and they have to move forward with GST as applicable for their sector.
In FY18, the domestic MMF industry in volume terms stood at 2,506 million kg. Domestic MMF demand witnessed an uptick of about 3.6% in FY18 on account of release of pent-up demand post the demonetisation and GST implementation.
The calendar year 2018 had been one of the most challenging years for the textile industry due to the impact of GST on the MSME sector (especially on the textile hubs like Surat, Bhiwandi, Ludhiana, Erode and many others), higher raw material prices, severe liquidity crisis post Punjab National Bank scam and subdued fabric demand.