Synthetic industry sets Rs 28000 cr exports vision for MMF
Mumbai, Apr 7 (UNI) A study by premier rating agency CRISIL projected a three fold increase in exports of man-made textiles from the present Rs 9000 crore to Rs 28000 crore by the year 2010.
The study commissioned by the Synthetic and Rayon Textile Export Promotion Council(SRTEPC) firmly confirmed the great potential of the industry and its capability to take-up the present challenges in the global market with necessary support from government in removing the irritants.
The export of man-made textiles have reached a level of Rs 9681 crores during 2004-05 and the potential for export expansion is highest among various categories of textiles considering their mass appeal, increased consumer preferences and competitiveness in quality.
However, with export of India's man made fiber (MMF) declining by 15 per cent and its share of world trade being significantly small at 2.2 per cent, has necesciated SRTEPC to commission CRISIL to conduct a study identifying the reasons for decline in exports, evaluate the inherent strengths of the industry and to prepare a road map for the MMF sector to achieve its vision set for the year 2010.
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