Domestic textile industry, which currently is braving various odds, could achieve US$ 55 billion of investments, create job opportunities for 65.4 million workforce and its CAGR could go up at 22% by 2010 provided reforms are initiated into it at quicker speed, according to findings of The Associated Chambers of Commerce and Industry of India (ASSOCHAM).In a Study brought out by ASSOCHAM on `Indian Textile: Weaving a Global Spin’, it has been stated that with continuing bottlenecks in place, the projected investment for 2010 could fall at US$ 16 billion from projected US$ 55 billion and job prospects stay for a meager lot of 19 million workforce as against projections for 65.4 million.
The predictions for CAGR of 22% by 2010 would slip at 6% until vigorous efforts are made for reform introduction to the textile sector, says the ASSOCHAM President, Mr. Venugopal N. Dhoot while releasing the findings of the Study.
The industry attracted investment of Rs.33,000 crore during fiscal 2006-07, up by 51% from Rs.21850 crore in the previous year.
The total size of the textile sector is $ 47 billion with domestic market at $ 30 billion and export market at $ 17 billion.
Mr. Dhoot says that hardening of rupee has already effected the competence of textile sector as its margins have lowered and international competition has become stiffer. The textile sector would lose its glare for good provided reforms are further delayed.
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