New Delhi: The size of India's textile machinery industry is poised to double to Rs 45,000 crore in the next 7 years from the present Rs 22,000 crore on the back of new projects and emphasis on setting up textile parks, an industry expert has said.
"The growth in the sector and upcoming new projects along with government's initiative to set up textile parks may boost the textile machinery industry. The market size of the sector is set to double to Rs 45,000 crore in the next 7 years from the present Rs 22,000 crore," India ITME Society Chairman Sanjiv Lathia said.
The Modi government's Make in India programme is also expected to help the textile sector by way of increase in demand for modern machineries, Lathia said. India imports 30% of second hand textile machineries from major global producers namely Italy, Germany, Japan and Switzerland, he said.
ITME Society is a body of textile industry which is organising a textile engineering expo here from January 20. Global Textile Technology & Engineering Show-2015 (GTTES-2015) aims to bring modern technology to India and be a catalyst to growth of textile engineering industry, the organisers said.
The three-day event, being supported by Union Heavy Industry Ministry and Textile Department of Maharashtra Government, will see participation from companies from China, USA, Korea, Japan, Germany and UK besides India.