Textile industry first to come out of recession: Maran
India's textile industry which was passing through a recession has become the first to come out of it, Union Textiles Minister Dayanidhi Maran said.business Updated: Feb 16, 2010 20:34 IST
India's textile industry which was passing through a recession has become the first to come out of it, Union Textiles Minister Dayanidhi Maran said.
"The Indian textile industry has started showing signs of revival and it has become the first sector in the country to rebound," Maran told reporters on the sidelines of 'Textile Industry Roundtable Conference' organised by the Confederation of Indian Industry.
The industry has shown a 5-7 per cent growth on a month-on-month basis in the current fiscal as compared to a negative growth of 15 per cent in the beginning of FY 10. The recession is over as garment manufacturers' order-books are full upto June, Maran said.
Currently, more than 50 per cent of production is exported, but the industry also needs to focus on the domestic market, Maran added.
Speaking on the issues faced by the industry, the Minister said that legacy issues have to be overcome and the industry needs to look at aggressive investments in order to meet the challenges posed by competing countries like China.
The Minister clarified that the government does not have a large role to play since the stimulus was announced and what was required was new ideas, which would help the competitiveness of the industry as a whole.