The Indian textile machinery sector seems to be heading for some better days. after languishing for years, the ₹10,000 crore industry has succeeded in drawing attention lately of policy-makers as well as other stakeholders of the value chain. in fact, global machinery players are also looking at India with renewed interest in the wake of changing market dynamics. they are evaluating the market afresh with various permutation and combination, which also include partnerships with Indian companies. some of them have also set up (or looking to do so) facilities (manufacturing/assembly) to leverage the India market condition.
The domestic textile machinery sector which despite having its existence for several years now, has struggled to meet the technological needs of the domestic textile industry. Besides, the sector has primarily confined itself to the spinning sector, even as it has very negligible presence in weaving, processing and garmenting technology. Experts have attributed this lopsided development to the poor demand for technological upgradation from these links of the textile value chain as a ramification of earlier policies that restricted textile production to power looms and the ssi sector. Currently, over 70 per cent of the machinery requirement is being met by imports. The imports stood at ₹10,305 crore in 2015-16 – up from ₹8,858 crore in 2014-15.
Experts view that like technology upgradation fund (tuf) in the domestic texti