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Textile industry will see growth in 2022: Sanjay Jain

Aug 16, 2021
Textile industry will see growth in 2022: Sanjay Jain

New Delhi

According to Sanjay Jain, Managing Director, TT Ltd, the government has planned many initiatives that are going to benefit the textile industry in the near future.

In an interview with FPJ Jescilia K, the CEO throws light on some topics regarding the journey of the textile industry during the times of Covid-19. As per him, COVID brought mixed emotions for the textile industry. Segments like cotton, apparel, and the yarn did well as the prices of cotton went up by 50% which benefitted traders and farmers. On the other hand, the garment sector like occasion-wear, formal wear, and designer wear suffered losses.

In another question, he said that for TT Limited the business had not been as bad as the team expected. He feels that the initial 3-4 months were bad, but Q1 of FY22 did well despite the second wave. He said that the company is trying to restructure itself and make more casual and inner wear.

He feels that in terms of GST, he wishes that the government finds a midway. As of now, the man-made segment has to pay 12% while cotton has to pay 5%. He also said that the government is trying to introduce the PLI scheme and the industry is expecting that the government will come up with some long-term policies.

Source – The Free Press Journal (FPJ)

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