Indian textiles to attract Rs 1,50,600 crore investment by 2012

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New Delhi, Jun 26 (UNI) With a steady flow of investment to the tune of Rs 1,01,481 crore during 2004-07, the country's textile industry is expected to attract an investment of over Rs 1,50,600 crore by 2012 thus generating 17.37 million jobs by that time, comprising 12.02 million direct and 5.35 million indirect jobs.

Investment in the textiles and clothing sector in the past three years increased from Rs 7,349 crore in 2004-05 to Rs 15,032 crore in 2005-06, and Rs 79,100 crore in 2006-07 totalling Rs 1,01,481 crore between 2004-07, Union Textiles Minister Shankersinh Vaghela told reporters at a press meet here today.

Mr Vaghela pointed out that before 2004 the textile industry was considered as Sunset industry and today it is known as the Sunrise Sector.

The Government has recognised textiles sector as the main engine of growth and a provider of employment opportunities.

The Minister further said, ''Driven by the vision encompassed in the Common Minimum Programme of the UPA, the Ministry's catalytic role in increasing investment, introducing modern technologies and providing marketing support have borne rich fruit.'' In the last four years of UPA rule, the government claimed to have taken several steps that proved to be a defining period for the Indian textiles industry thus placing it on a robust footing. Now, the industry is increasingly embracing modern technology and work processes, becoming more globally competitive, building strong brand equity for its products, and consistently achieving higher growth rates than ever before.

But, the government admitted that the task was still incomplete.

The challenges are manys, like transforming what it is today an emerging or sunrise sector into a developed industry.

Mr Vaghela said the Government is committed to develop world-class infrastructural and production facilities at handicrafts, handlooms, and decentralised powerlooms clusters with a minimum of 5,000 looms (handlooms and powerlooms) through adoption of a Comprehensive Cluster Development approach. The mega clusters, to be taken up for development during the current financial year, include Handlooms in Varanasi (Uttar Pradesh), and Sibsagar (Assam), Handicrafts in Narsapur (Andhra Pradesh) and Moradabad (Uttar Pradesh) and Powerlooms in Bhiwandi (Maharashtra) and Erode (Tamil Nadu).

The Government intends to create a Development Council for Technical Textiles to identify the problems of the industry and suggest measures.

Technical Textiles are products used for their technical performance and functional properties. These are an emerging industry with a potential to reach a size of 127 billion dollars by 2010. Technical textiles hold a great promise for Indian textiles industry and the Government recognises the potential of the industry.

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