It has a total market size of US $ 60 billion and accounts for 26% of the manufacturing sector, 20% of industrial production and 18% of industrial employment. It contributes 15% to gross export earnings and 4% to national GDP. In fact, encouraged by the impressive growth, Union Textiles Secretary Rita Menon recently said that the target for textile exports has been raised to around $30 billion for the current financial year against $25 billion achieved in the previous year. "As the demand is on the rise in Western markets, the government has raised the target." With rapid on going reforms India is expected to further improve its position in the 21st century.
The Indian knitting industry has been one of the most innovative global producers of knitwear products. Its a growing industry and it emerged as a premier supplier of value added items.
Recently the industry has seen major technological developments which provide an essential service to the industry in enabling us to reach our full competitive potential, taking full advantage of new and emerging technologies. A large number of sophisticated computerized knitting, embroidery machines, dyeing machines, state of the art sewing lines, CAD/CAM systems, large scale processing machines, and other machinery required in the knitwear manufacturing have been mostly imported. Most of the global players are buying the Indian market with great interest as one of key market in the new millennium.
A budget provision of Rs 17,822 crore has been approved, of which Rs 12,671 crore is for committed liabilities under the ongoing scheme, and Rs 5,151 crore is for new cases under A-TUFS
Textile Industry is providing one of the most basic needs of people and the holds importance; maintaining sustained growth for improving quality of life. It has a unique position as a self-reliant industry, from the production of raw materials to the delivery of finished products, with substantial value-addition at each stage of processing; it is a major contribution to the country's economy. The government thinks India has the potential to increase its textile and apparel share in the world trade from the current level of 4.5 per cent to 8 per cent and reach $80 billion by 2020. Exporters are enjoying good demand and the industry players are booked with orders through June and July 2011, which is exceptionally good for the Industry. "There is a good demand for our exports in the US. There is an improvement in the European market as well," said Apparel Export Promotion Council (AEPC) Chairman Premal Udani. The US accounts for about 40 per cent of India's total garment exports. Exports started growing in August 2010 after witnessing deceleration in the initial months of the current-fiscal.
Our expos have the unique distinction for attracting the most number of knitwear and textile machinery manufacturers from around the world - The US, UK, Germany, Spain, Turkey, Australia, China, Taiwan, Hong Kong, South Korea, Singapore, Malaysia and Canada are among our regular patrons at our events. No doubt, more keep adding to this list at our expos year after year.
In our 25 years of existence we have the most enviable track record in attracting the most number of visitors to our fairs. Our high quality visitors come from very different back grounds - entrepreneurs, decision makers and chief executives from within India, Bangladesh, Sri Lanka, Singapore, Malaysia, Pakistan and other Asian destinations. The proof of our expos' quality is the big sales that exhibitors report and the positive impact it makes in their sales figures.