The India Government Will Encourage Private Capital To Enter The Textile Industry.
India Federation of Commerce and industry said that India textile industry needs new investment to expand production and upgrade technology and machinery. The chamber of Commerce recommends that global manufacturing and private equity funds be allowed to invest in India textile industry, especially small and medium-sized textile enterprises.
The textile industry is the victim of rupee appreciation. Severe labor law, technological degradation, structural decentralization, infrastructure constraints and lack of trademark marks have led to the textile industry in a predicament. Now, the textile industry has no potential for development and can not participate in the competition in the international market.
Mr. Sajjan Jindal, the president of the chamber of Commerce, said that the government should formulate incentive policies to attract all parties to invest in textile and garment industries and enhance the competitiveness of the textile and garment industry.
The chamber of Commerce warned that China's textile export restrictions will be abolished at the end of 2008, and the competition in the international market will become more intense.
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