Tamil Nadu textile sector focuses on growth: ITF survey
The Tamil Nadu textile sector is betting on growth with a focus on value addition, according to a survey by Indian Texpreneurs Federation (ITF), a major textile body.
Coimbatore, Tamil Nadu
The Tamil Nadu textile sector is betting on growth with a
focus on value addition, according to a survey by Indian Texpreneurs Federation
(ITF), a major textile body.
ITF
conducted the survey to understand the growth aspirations of the textile and
apparel sector in Tamil Nadu in line with the positive trend prevailing in
exports market in the post- Covid global business environment.
While
30% of the entrepreneurs have mentioned they were confident of doubling their
current sales in 3 years’ time with a 25% Compound Annual Growth Rate (CAGR),
18% mentioned that they will double their current sales in 4 years with a 20%
CAGR and 36% mentioned about achieving the target of doubling yarn sales in 5
years’ time with 15% CAGR.
Prabhu
Damodharan, ITF convenor, said that, this showed a very positive and vibrant
change in the business environment in textile and apparel sector in Tamil Nadu.
He said that within the sub-segments of textile manufacturing, home textiles,
weaving & apparel segments were showing better momentum in terms of growth.
He added that the trend will help the TN textile sector to further strengthen
the value-added product manufacturing.
According
to Prabhu, Team ITF will guide interested companies in
making value-added products, create various platforms to enable NextGen to
engage and guide companies to step into eEquity markets in a structural way.
Source: Outlook
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