Textile industry needs Rs 140,000-cr for modernisation: Experts

Ahmedabad, Mar 18 (UNI) Union Textiles Minister Shankarsinh Vaghela today suggested an integrated approach to development of fibres, fabric and fashion on modern lines for the Indian textiles industry to become a global leader.

Inaugurating a two-day Indo-US Textile Summit titled 'Context 2006', Mr Vaghela exuded confidence that Indian domestic textile industry would meet the target of USD 85 billion and exports of USD 30 billion by 2010.

He said, at present the ratio of domestic consumption and exports is 40:60. This could be reversed with modernisation of the industry.

However, he maintained it is the quality, besides trend, that wins the race.

He said it is only recently that the industry is coming forward to avail of a five per cent interest subsidy and 10-20 per cent capital subsidy under Techological Upgradation Fund Scheme (TUFS).

He said that there were not many takers for government's Textile SEZs or Garments&Apparel Parks. He said that Special Integrated Textiles Park (SITP) scheme has been floated to address labour and other problems.

The Minister agreed with other speakers that the industry needs to create 'Made in India' brands abroad and that fashion would guide the industry in future.

With a huge pool of youth, endowed with proficiency in English, computer literacy, exhalted minds, high intelligence quotients (IQs) and full of creative ideas, he said, there is no reason why India could not be a global fashion hub as well.

Central Government has solved the problems of man-made fibres and to a large extent that of processing units. For power shortage, he asked the industry to go for captive units. He said he would talk to Union Finance Finance Minster for reducing the duties on gas, furnace oil or other fuel for such units.

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