Textile machinery manufacturers' body India ITME Society does not see any immediate threat from Brexit, its Chairman Sanjiv Lathia has said.
"England is not a big buyer of textile machinery. Textile manufacturing moved away from England long ago to China. So we don't see much impact on Indian textile machinery manufacturing," Lathia said here.
Though it is too early to react, it has come just two days after new textile policy was announced by the Centre which focuses on creation of 1 crore jobs as well as manufacturing and exports, he said in a release issued today.
The newly announced Central government's textile policy will strengthen employment in the country. The policy is aimed at creating 1 crore jobs over the next three years, following labour-friendly measures such as initiation of fixed term employment and enhancing duty drawback to push textile and apparel exports, he said.
Lathia and India ITME Society Vice Chairman Rajendran were in the city yesterday in connection with the Roadshow of India ITME 2016 exhibition.
The 10th edition of the expo will be held in Mumbai from December 3 to 8. About 1,000 exhibitors from 93 countries will showcase some of the latest products and machinery at the event.
From fabric to finished garments, the expo will showcase the latest in textile engineering.
It is expected to have a footfall of 1.5 lakh, the release said.
The textile sector contributes 14 percent to industrial production, 4 percent to India's GDP and constitutes 13 percent of the country's export earnings, it said.
Textile sector is one of the largest source of employment generation in India. It employs over 4.5 crore people directly. India has the second largest manufacturing capacity globally.
Lathia further said India is the second largest textile market in the world, ranking first in loom capacity and second in spindlage.
Indian textile and apparel is expected to reach a market size of USD 220 billion by 2020, with an 11 percent annual growth, the release added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
