The Hindu Business Line : `Time right for textile players to grow fast'

THE country's export target for textiles of $40 billion, as against the existing export value of $12 billion, can be achieved by 2010 provided major players grab the opportunity being offered to them by the lifting of the quota system, according to the Synthetic & Rayon Textiles Export Promotion Council (SRTEPC).

At a seminar on `Export opportunities for Indian textiles — Vision 2010,' organised here by SRTEPC, the council Chairman for the eastern region, Mr V.K. Ladia, said the situation is now conducive for the domestic textile industry to grow fast, thanks to the Centre's textile policy and easy availability of funds and technology.

Mr Ladia said the Textile Vision-2010 has set the overall textile production target at $85 billion, against the current level of about $36 billion. Of the targeted production, $45 billion worth of textile products would be sold in the domestic market by 2010 against current sales of about $24 billion. The remaining $40 billion worth of products would be exported.

The Government has sees need for an investment of about Rs 1,40,000 crore to help the textile industry attain $85 billion worth of production by 2010. Mr Ladia said three major commercial banks, IDBI, ICICI Bank and SBI, have agreed to contribute about Rs 85,000 crore to meet a substantial portion of the investment. The balance Rs 55,000 crore would be raised by the industry through internal sources and the public.

The council feels that there should be a strong raw material base to achieve the target. Although the country is expected to be comfortably placed on availability of cotton by 2010, the position on man-made fibre has to be improved to meet the growing demand from the weaving and garment manufacturing sectors.

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