Initially started by manufacturing a range of pins, Kolkata-based Bajaj Industries Pvt Ltd now has expanded its operation to the entire gamut of pins and pinned products as well as several other products. The company is currently engaged in manufacture of a range of textile pins, pinned products and textile machinery spares and accessories. Its customer range includes reputed textile mills, OEMs, and reseller’s across the globe.
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In his inaugural speech, at the 56th Annual General Meeting of the Textile Machinery Manufacturers’ Association (India) at Hotel Trident in Mumbai, R Rajendran, Chairman of TMMA, said that the Indian economy in 2015-16 was the shining example of one of the fastest growing economies and oasis of the world in the wake of global slowdown fueled by fall in oil and commodity prices. The GDP grew at 7.6 per cent in 2015-16, continued till date, the highest in last five years as against 7.2 per cent clocked in 2014-15. There was macroeconomic stability and prudent fiscal management. The fiscal deficit target of 3.9 per cent has been met and a fiscal deficit target of 3.5 per cent has been set.
The world technical textiles market has been growing at a rate of 5 to 7 per cent since 2010, when its size was $116.5 billion, which rose to $147 billion in 2014. This is expected to reach $198 billion by 2020, disclosed Hendrik H van Delden, Managing Partner, Gherzi van Delden GmbH. The size of the production in these years were 22.5 million tonnes in 2010 and 28.4 million tonnes in 2014, which is expected to touch 38.2 million tonnes by 2020.
The Government hinted at lowering excise duty on man-made fibre (MMF) in the new Textile Policy in order to boost investment to meet growing demand from the synthetic textiles industry. While cotton fibre attracts no duty, the Government levies 10 per cent excise duty on MMF. The industry has sought excise exemption on MMF on the grounds that the garments produced through MMF are primarily used by the economically weaker sections of society. Kavita Gupta, Textile Commissioner, Ministry of Textiles, confirmed it on the sidelines of FICCI TAG 2016  the 8th Annual Conference on Textile and Apparel Industry organised by industry body FICCI on September 2 at Hotel Lalit, Mumbai.
Despite India being cotton surplus, the industry is still struggling, opines Sanjay Jain, NITMA President & Deputy Chairman, NITRA. Cotton-based textiles has been the main stay of Indian textiles over decades. India is one of the few nations where textiles is still skewed in favour of cotton (60 per cent) as against the world where man made has a 60 per cent share while cotton is sub 40 per cent. One of the major reasons for this is our large cotton crop grown across 10 states.
Can India take its share of 4.5% in global textile trade to 9-10% by 2020? An ITJ Exclusive explores the dreams and realities. India is No. 2 in the global textile trade, next only to China. But the country?s share is a measly 4.5 per cent against the 45 per cent of China?s. The Indian textile and apparel industry was estimated to be worth Rs 6,25,930 crore in 2015 and is projected to grow at a CAGR of 9 per cent to reach Rs 9,35,123 crore, by 2020.
The top 10 markets in the world for textile and apparel constitute for 48 per cent of India’s total textile and apparel exports. The current global apparel market is worth $1.7 trillion and it constitutes around 2 per cent of the world’s GDP. The European Union, USA and China are the world’s largest apparel markets with a combined share of approximately 54 per cent.