Business
SRTEPC’s focus to boost Indian Textile industry as Global players taking advantage of the US and China trade war
- Textile Industry in India thrives to reach US$ 350 Billion by 2025
- 180 Textile leaders from 40 countries participated to Import Indian Man-Made Fibre & Blended Textiles
- SRTEPC focus to boost Indian Textile industry as Global players
Mumbai, 21st August 2019: Textile sector is one of the oldest industries in Indian Economy. It is one of the largest contributing sectors to India’s export business with approximately 14% of total merchandise export. The industry is currently pegged at around US$ 140 Billion and is expected to increase to US$ 350 by 2025. Indian textile industry has tremendous growth potential and is not only attracting marketers from across the world but is the largest employer in the manufacturing sector with 45 million people employing directly.
Looking at the growing opportunity for Man-Made Fibre & Blended Textiles globally and also to take advantage of the ongoing trade war between US & China, SRTEPC has inaugurated the 4th edition of “Source India 2019” in Mumbai today.
Speaking at the event, Mr. Ronak Rughani, Chairman, STREPC, said the trade war has opened up an opportunity, which will help our stagnant exports grow by 5 to 7 per cent in one-and-half years. We are thankful to our Government and particularly to our Hon’ble Minister of Textiles, Smt. Smriti Zubin Irani ji for extending us continued support and guidance.
Talking about the event, Smt. Smriti Zubin Irani, Minister of Textiles, said It is noteworthy to mention that over the years the global trend has been changing and MMF textiles have been in demand for its versatility and adaptability. Indian MMF textiles is growing at a rapid pace and the time has come to project it as a reliable source of quality MMF textile products. “Source India” is an appropriate platform for Indian exhibitors and overseas buyers to meet under a single roof”.
“Source India 2019”, in Mumbai witnessed contribution from more than 100 leading Indian textile companies displaying their latest range of Indian textiles items including fabrics, yarn, made-ups, fibre home textiles, and technical textiles in an area of around 7000 square meters. Around 180 leading buyers from 40 countries and 20 international buying houses visited to place orders for forthcoming season.
During 3 day Source India 2019, leading textile buyers from Latin America, South Asia, EU region, Argentina, Colombia, Peru, Brazil, Mexico, USA, Japan, Vietnam, Thailand, South Africa, Uganda, Kenya, Nigeria, Egypt, Morocco, Turkey, Romania, Uzbekistan, Czech Republic, Australia, Denmark, Ecuador, Egypt, El Salvador, Guatemala, Honduras, Iran, Italy, Mauritius, Myanmar, Oman, Panama, Poland, Russia, Slovakia, Sri Lanka, UAE, etc., participated in Source India 2019 Mumbai.
The aim of the event is to showcase strength to the entire gamut of textile and apparel value chain to the world and establish India as a global textile sourcing hub and investment destination. It is an ideal platform for the international buyer to source their requirements for Indian Man-made Fibre & blended Textile value chain.
For more information visit – http://www.srtepc.org/Home