Industry & Economy
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Textiles
Processing sector likely to get new incentives
Our Bureau
New Delhi
,
April 26
A PACKAGE of new incentives may be in the offing for the processing sector after elections, the Union Textile Secretary, Mr S.B. Mohapatra, has indicated. The processing sector has been seen as a weak link of the domestic textile industry.
Addressing a seminar on `Indian Apparel and Textile Exports: The Way Forward,' organised by DHL Worldwide, Mr Mohapatra said there were signs of investment in the processing sector. "We are contemplating a package of new incentives for the sector. The picture in processing is quite dismal," he said.
He held that the outlook on the textile industry had changed for the better and there is all-round optimism about its prospects. "In the next five-six years, our textile and clothing exports are likely to grow from the current level of $11.5 billion to $25 billion-$30 billion. Simultaneously, the output of the entire textile sector could double in this period from $32 billion to $64 billion. The dismantling of quotas is also going to present large opportunities for us," Mr Mohapatra said.
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