Vision 2020 to achieve $40 bn target

Chennai, Mar 6 (UNI) 'Textile Industry Vision 2020' will address the challenges faced by the Indian textile industry to help achieve the targeted 40 billion US Dollar trade by 2010, experts today said.

Addressing a press conference here today, Indo American Chamber of Commerce Regional President Chella K Srinivasan said the seminar, to be held here on March nine, assumed relevance considering the textile industry was the second largest employment provider after agriculture contributing eight per cent to the GDP besides being the single largest forex earner in India.

In this context, it was imperative for the textile industry to overcome several challenges to achieve the 40 billion USD target by 2010 from the current 13 billion USD.

To realise the target, the textile industry envisaged an investment of at least 13.5 billion USD (around Rs 60,000 crore) for modernising weaving and processing which were the ''weakest links'' in the textile sector.

The seminar will also address key issues confronted by the sector including international market access for Indian textiles and 'post quota-scope and impediments of apparel exports' besides serving as a platform for entrepreneurs to prepare a blueprint for exponential growth.

Regional Textile Commissioner Office Director and Officer H N Nagaraju gave an overview of the activities of the office which basically worked to ensure the overall development of the textile industry.

Textiles Committee Joint Director S Ulaganathan said despite exports showing a downward trend, issues like infrastructure had to be tackled failing which the industry cannot take a quantum jump in trade levels.

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