Textile industry is all set for a big boom. According to Central government sources, the textile industry will require an investment of Rs 1.94 lakh crore by 2012 to become an overall sector worth $110 billion.
The earlier investment estimates for the Textile Vision 2010 was Rs 1.40 lakh crore. Further to that the Central government is looking at new avenues to boost the textile industry and achieve the target of making it a $85 billion industry by 2010.
Jagadip Narayan Singh, textile commissioner, ministry of textiles told mediapersons: "We are expanding into new areas, both in the export and the domestic markets. The textile secretary is going to South Africa in April and top government
delegations will also visit many places in order to boost exports."
He said Japan had always been a good textiles market, but traditionally India's presence there had been weak. Apart from Japan, Latin American countries and even China can offer good opportunities.
In 2005-06, the textiles and clothing exports increased 16.4 per cent to Rs 71,857 crore (Rs 718.57 billion) from Rs 61,730 crore (Rs 617.3 billion) in 2004-05.
The way the domestic textile sector is witnessing investments, the future looks bright, Singh said. Under the Technology Upgradation Fund Scheme, the country saw an investment of Rs 15,000 crore (Rs 150 billion) in 2005-06, which in 2006-07 was about to reach Rs 35,000 crore (Rs 350 billion).