Bangalore, Feb 16 (UNI) Union Minister of State for Planning M V Rajashekaran has exhorted textile manufacturers to focus on modernising manufacturing process to increase exports and sustain growth.
Delivering his valedictory address at a national seminar on 'Strategies for Growth of Indian Apparel Industry - an Academic and Industry Perspective,' organised by the Bangalore University, here today, the minister said India was poised to become world leader in the textile and apparel market.
''To retain its position as a major player at the global level, the manufacturing sector in apparel industry especially in the area of weaving and spinning needs to be modernised'' he said.
Stating that India had set a target of achieving a turnover of 115 billion dollars by 2012, including 60 billion dollars worth of domestic textile and apparel market, he said there was a need to invest over 37 billion dollars in the Indian textile industry.
He said the country was blessed with raw materials, particularly cotton, silk and large pool of human resources which needed to be harnessed for the betterment of all. Despite this advantage, the country's share of exports of ready made garments in the world clothing trade remains poor, he said.
''The lack of linkage between the different sectors needs to be addressed besides improving the supply chain management and putting in place the required infrastructure facilities'' Mr Rajashekaran said.
The minister urged all the stake holders in the industry to devise strategies to increase export from the present four per cent to seven per cent.
''The weakening of dollar, increasing competition from countries like China, Bangladesh and Indonesia had posed a big challenge to the Indian textile and apparel industry'' Mr Rajashekaran said.
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