The Indian textile industry can become a $300 billion industry by 2030 and create an additional 35 million jobs, CII Tamil Nadu State Council Vice Chairman Hari Thiagarajan said on Wednesday.

This can be achieved if the industry enhanced its focus on exporting higher value added products, modernisation and sustainable business practices, Thiagarajan said at the 2nd Edition of Weaves 2019, organised at Erode, some 110 km from here.

Synthetic fabrics and performance garments are going to be the two most promising segments, he pointed out.

The industry accounted for 5 per cent of Indias GDP and 13 per cent of the countrys export earnings and employed about 50 million people he said.

Confederation of Indian Textile Industry (CITI) Chairman T Rajkumar said though global recession was a main factor for the setbacks faced by the industry, imports of yarns, fabrics, and garments from Bangladesh and SAARC region pose a major threat to the local industry.

Weaves 2019, a premier textile fair in the South, is a four-day exhibition and conference, organised by Texvalley in association with the CII.

Published On : 27-11-2019

Source : Business Standard