The Ministry of Textiles under the dynamic leadership of Union Textile Minister, Smriti Zubin Irani, is in the process of formulating the new textile policy and it is likely to be announced in 2020.
Browsing: Confederation of Indian Textile Industry
Indian textiles and clothing industry, the second largest employment provider (around 11 crore people) next only to agriculture was the second largest exporter in the world during 2017, now it has slipped to 5th position due to global recession especially in the aftermath of US-China trade war and the tariff concessions extended for the competing Nations like Vietnam, Bangladesh, Pakistan, etc.
Currently man-made fibre (MMF) dominates global textile fibre consumption with 72:28 ratio â€â€MMF 72 per cent and natural fibre 28 per cent.
Tamil Nadu textile industry that accounts for one-third of the textile business, 47 per cent of the spinning capacity providing direct jobs to over 60 lakh people especially to rural masses and women folk and fetching Rs 60,000 crore as forex earnings, is the worst affected in the country under the current unprecedented recession due to raw material / finished goods transport cost and several other factors.
With the unveiling of 207 HSN Codes for the technical textile industry in India, the Government has convincingly conveyed its seriousness to promote this industry in a big way.
The ongoing indefinite strike of transporters has cast a shadow on the $130-billion textile industry, which is facing a staggering loss of up to Rs 1,500 crore. If the strike continues, the industry will have to curtail production, and it will affect the fund flow, credibility and reputation on the export front as India is one of the largest exporters of garments and other textile products.
The Confederation of Indian Textile Industry (CITI) will be organising its 9th Asian Textile Conference (ATEXCON) on March 14, 2018 at Hotel ITC Maratha, Mumbai.