- Textile industry should invest in technology, especially post spinning technology, to grow further, said Sanjay Jayavarthanavelu, Chairman and Managing Director of Lakshmi Machine Works, here on Friday.
- Inaugurating Texfair 2017 and Farm to Finish Expo, a four-day event organised by Southern India Mills’ Association (SIMA), he said the textile industry should work towards addressing the challenges that come with changing trends. Earlier, there were four fashion seasons a year and textile manufacturers had substantial lead time to convert fibre to garment. Now, it is said that some fashion brands launch two collections a month. So the lead time available reduces for the manufacturers. However, segments such as leisure wear, bed and bath, and industrial fabrics are growing, throwing open new opportunities. Textile manufacturers are hence of two categories - those who make commodity items and those who make speciality fabrics. The industries needs to invest in technology to capture the potential in the market.
- Mr. Jayavarthanavelu also urged the industry to work together as there is a need for a comprehensive policy to grow in strength.
- Ajay D. Shah, president of Textile Machinery and Mill Stores Merchants Association, said the GST on textile spares was 18 % and the association has sought reduction of the rates.
- Kaizar Z. Mahuwala, president of Indian Textile Accessories and Machinery Manufacturers Association, said 63 of its members are taking part in the exhibition. Indian textile machinery market is expected to grow at 12 %. “We have the entire range of machinery and accessories for textile sector,” he said.
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