: Textile industry should focus on Speed, Skill and Scale: Piyush Goyal #FinanceIndia #StockMarketNEWS Textile industry should focus on Speed, Skill and Scale: Piyush Goyal New Delhi, 25 Oct (KNN) Union

@StockMarketNEWS Mon 25 Oct, 2021

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Textile industry should focus on Speed, Skill and Scale: Piyush Goyal #FinanceIndia #StockMarketNEWS
Textile industry should focus on Speed, Skill and Scale: Piyush Goyal New Delhi, 25 Oct (KNN) Union Minister for Commerce and Industry, Textiles, Piyush Goyal has urged the Textile industry to focus on speed, skill and scale and get into innovative partnership.

He called for developing 100 Indian textile machinery champions recognized across the world. This was stated by Commerce Minister Goyal, while interacting with the Textile Machinery Manufacturers in a video conference on the topic ‘Technology Gap and Way Forward for Textiles Machinery Manufactures’.

“India should be looking to become a global player in producing textiles machinery, producing at scale, producing with quality & quantity the machinery of choice that the world requires,” he said.

He stated that we are not averse to imports but we must reduce the import dependency of the textile machinery in India by concerted effort between Textile Engineering Industry and Government together.

He added that focus on quality will help to capture bigger markets and higher productivity.

Commerce Minister Goyal expressed hope that a modern and upgraded textile machinery ecosystem would have a cascading impact on unorganized Indian textile industry.

This would set the momentum for continuous advancement and innovation resulting into ever evolving & enhancing competitive capabilities along the value chain.

He said that the machinery manufacturing facility would change the inertia of the status quo, augment the dynamics along value chain and enhance the domestic consumption and further boost the exports of higher value goods while gradually reducing the import dependency.

For this it is important to synergise efforts of arms of Government between Textiles, Ministry of Heavy Industries, Digital Innovation/ adaptation possibilities in our quest of increasing efficiencies by reducing costs across manufacturing value chain.

Union Minister Goyal informed that Heavy Industries Capital Goods Scheme is a pilot scheme designed to support the industry to modernize domestic technologies.

He said that National Capital Goods Policy is a manufacturing sector policy devised by the Government of India aimed at increasing the production of capital goods from the 2014-15 value of approximately USD 31 Bn to USD 101 Bn by 2025.

The Minister said that government has set target of USD 100 bn for textiles and garment exports over next five years and Textile sector has an important part to play in achieving it.

He added that Indian Textile Engineering Industry (TEI) is at the cornerstone of moving up the manufacturing excellence wherein the domestic R&D, entrepreneurial spirit and exploration of Joint Ventures have ushered in new opportunities.