The Growth Rate Of India'S Textile Industry Will Reach 16%

India federal textile minister Shri Shankersinh Vaghela said that as part of the welfare measures, the government has introduced the sheep farming insurance scheme and the sheep insurance scheme during the fourteenth five year plan as part of the welfare Expo opening ceremony.

Shri Shankersinh Vaghela said that clothing is an important part of India's textile industry, employing about 5 million, and has great potential for job creation.

India has gradually opened the clothing training and Design Center (ATDC) to train men and women skilled workers for the clothing industry.

These measures will help young people in India to get jobs.

Shri Vaghela said that the textile industry in India has strong strength. In the past 60 years, the textile industry has increased by 3-4%, and now its growth rate is accelerating. By 2012, the output value will increase by 16% per year, reaching 115 billion US dollars.

He said that the greatest achievement of the India government was to pform India's textile industry from the sunset industry into a sunrise industry.

In the past 3 years, the rationalization of fiscal and taxation has also played a positive role in all aspects of the textile industry and promoted the historic growth of the textile industry.

The minister said that the textile industry has invested substantially in the past 4 years, investing 10450 billion rupees in 2004 to 08 years, and is expected to reach 15060 billion rupees by 2012. After the expansion of investment, the textile industry will create 17 million 370 thousand job opportunities by 2012.

The minister said cotton is the main raw material of India's textile industry.

The cotton technology task force was set up in 2000, and Bt cotton was introduced in 2002. At the same time, the government has given priority to support in recent years, and the cotton situation has greatly improved.

In 2007-08, India's cotton output reached 31 million 500 thousand packs, and the quality of India cotton was greatly improved.

India has become the second largest cotton producing country, exporter and consumer country in the world with more than 550 kilograms per hectare.

The competitiveness of India's cotton has also increased the proportion of fiber consumed by cotton in India. Now cotton accounts for 60% of the total fiber consumption.

The proportion of cotton in textile and clothing exports has exceeded 75%.

He said that the government set up a minimum price support (MSP) plan to ensure that the minimum return rate was returned to cotton growers through the India cotton cooperative company.

In order to help stabilize cotton production for a long time, help cotton farmers and balance the interests of the textile industry, the MSP of cotton during the 2008 to 09 years increased significantly.

The MSP of medium long fiber cotton varieties (24.5 mm 25. 5 mm) increased by 39% to 2500 rupees / weight, compared to 1750-1800 rupees / weight in 2007 - 08.

2008 to 09, the MSP of the annual cotton fiber (29.5 mm 30.5 mm) increased to 3000 rupees / DT, which was higher than the 2250 rupees / dt of 2007 to 08 years.

He said the export of raw cotton has stimulated cotton prices to a new high this year.

From the end of October 2007 to July 2008, cotton prices have increased by about 20% to 40% over the previous year.

The price of cotton opened in the fiscal year 2007 to 2008 has increased by about 4 to 17% over the previous year.

In July 8, 2008, the government of India abolished 14.7% import tariffs and cotton export tax rebates, which helped stabilize cotton prices, taking into account the sustainable demand of the textile industry.