Financial Daily from THE HINDU group of publications
Monday, Dec 16, 2002
Financial Daily from THE HINDU group of publications Monday, Dec 16, 2002 |
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Textiles Industry & Economy - Textiles Upgradation key to textile growth: Mukesh Our Bureau
MUMBAI, Dec. 15 THE Indian textile industry needs information technology, communications and better operating discipline and management to help it address its problems and grow, according to Reliance Industries' Chairman and Managing Director, Mr Mukesh Ambani, at a Textile Association (India) meet, where he was being conferred honorary membership. He said: "The Indian textile industry has a rich tradition behind it. The ills affecting the industry are temporary... " He added that this situation would change when the quality of textiles matched global standards, mindsets changed and substantial investments flowed into the sector. He said that Reliance would cross the 1-million-tonne-mark in polyester production by the end of December and added that from the Rs 350-crore exports three-four years ago Reliance today had exports of Rs 11,200 crore. He added that in 2010 the global textile trade would more than double to Rs 70,000 crore . The Union Minister of Textiles, Mr Kashiram Rana, speaking at the conference on `Textile industry beyond 2004' said the textiles industry accounted for 5 per cent of the GDP and 30 per cent of exports. The Ministry was stressing the importance of modernisation, trade and competition. He said the industry was being affected by obsolescence of technology and conservative managers. The Technological Upgradation Fund was showing results with 1,938 applications received for a total project cost of over Rs 15,000 crore. Of this Rs 5,759 crore had been sanctioned and over Rs 4,000 crore disbursed. Mr Rana said that the Ministry was seeking to be positive and that investors were being urged to set up apparel parks. The Textiles Ministry had already sanctioned nine.
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