Indian textile machinery manufacturers are eyeing 15 percent growth by the end of 2014 due to the rise in demand for textile machineries in domestic as well as in international markets.
Secretary of the Mumbai-based Textile Machinery Manufacturers Association (TMMA), Mr. S. Chakraborthy told fibre2fashion, “We are hoping for a likely growth of 15 percent by the end of 2014 due to increase in demand for textile machineries in domestic and international markets.”
Talking about the scenarios of Indian textile machineries industry in last four years, he says, “There was a dip in the textile industry in last four years from 2008 to 2012 due to shortage in electricity and unsupportive government policy, such as extending subsidies on second-hand machineries. High cotton price and low yarn price had also contributed to the decrease in demand of textile machineries.”
“The overall demand scenario of the industry has changed from the second half of fiscal year 2012-13 and we are expecting a better deal this year,” he opines.
According to him, the textile machinery producers are waiting for the approval of the Technology Upgradation Fund Scheme (TUFS) for manufacturing textile machineries for further growth of the industry.
