Coimbatore: The textile industry has the potential to cross a turnover of USD 350 billion by 2025 if it diversifies to new product categories like Man Made Fibres (MMF), Confederation of Indian Textile Industry Chairman Prem Malik said Friday.
Though the government has set a too ambitious revenue target of USD 650 billion by 2025, it was quite practical to achieve USD 350 billion in ten years, Malik said at the inauguration of Texfair, an International textile Machnery, Spres and AccessoriesExpo, which began here.
Stating that the industry generated an annual revenue of around USD 100 billion at present with exports alone contributing nearly USD 60 billion, he said in contrast, the domestic market of China alone was pegged at USD 300 billion.
"All MMFs taken together have a share of around 30 percent in our fibre consumption against nearly 70 percent in global markets," Malik said.
"Our share in fabric and apparel exports is just four percent, while China has 44 percent. We have to do a lot," he said.
Huge fibre requirements as well as the high targets set for the industry can be met only if the MMF segment grew substantially, since cotton has constraints of land availability and productivity limitations, he said.
Consolidation and integration of production facilities would be another area that requires urgent attention, Malik said.
"For achieving economies of scale and attracting FDI, we need to scale up our production facilities, especially in fabrics and garments, both of which are dominated by sub-optimal sizes at present," Malik said.
