Industry coming out of the woods-will disprove prophets of Doom-ICMf

摘要

The outgoing Chairman of the Indian Cotton Mill's Federation, Mr. Chintan Parikh, struck a very optimistic note while addressing the 45th annual general meeting of the Federation in Mumbai on September 24. He expressed confidence that the revival of the Indian textile industry, particularly its organized and composite sector, which had taken place thanks largely to the improved trade environment and the pro-active initiatives of the Government, would be sustained. He foresaw a bright future for this industry in the post-quota regime with India becoming a major source of textiles. He lauded the Government on adopting a holistic approach to the development of the textile industry through rationalization of the duty structure and removal of sectoral discrimination and for launching the Textile Reconstruction Fund, which would become a milestone in the path of this sector's revival. Pointing out the need for huge investments in this industry, particularly in the weaving processing and garment sectors, he was happy to note that the climate had now become more conducive for investment.