Major growth of textiles will come from Man-Made Fibre industry, said Piyush Goyal, Union Minister of Textiles, Consumer Affairs, Food & Public Distribution and Commerce & Industry while interacting with industry representatives here today. The industry representatives included producers of PTA, MEG, Fibre, Yarn, Fabric and Garments.
The Hon’ble Minister called upon the industry representatives and said that we should aspire to reach a stage where the entire demand is fulfilled by domestic supply thus making the industry Atma Nirbhar. This will secure the raw material availability to lakhs of weavers involved in the polyester value chain, thereby leading to enhanced production of finished goods, enabling realization of the export targets.
He suggested that industry should understand each other and work in synergy to amicably resolve the issues among the producers and users of the polyester in the entire value chain.
The industry representatives responded that they are very much hopeful of achieving the export of 100 billion USD in the next 5 to 6 years.
The industry representatives said the expansion of production capacity of key raw materials for manufacturing of Polyester viz. Purified Terephthalic Acid (PTA) and Monoethylene Glycol (MEG) is essential for increased production of downstream industry.
It was informed that additional capacities of PTA are being set up and lakhs of looms are also being installed by the downstream industry which is still fragmented.