Mr. Sanjay K. Jain, Managing Director of TT Ltd., was elected President of the Northern India Textile Mills’ Association (NITMA), at its annual general meeting held in New Delhi on July 15. Mr. Rajiv Garg, Managing Director of Garg Acrylics, and Mr. Manish Bagrodia were elected Senior Vice President and Vice President respectively.
Speaking on the occasion, Mr. Sanjay Jain observed that the Indian textile industry is currently facing unprecedented challenges. However, there are opportunities for it to obtain a bigger share of the overseas market with the partial withdrawal of the Chinese industry caused by spiralling costs.
He expressed serious concern over the crisis faced by the Indian textile industry with a steep rise in cotton prices, while prices at the global level remain stable. However, he was confident that the Textile Ministry under the new dynamic leadership of Mrs. Smriti Zubani Irani would realise the problems of the industry and strive to improve the fortunes particularly of the spinning sector which has been passing through a critical phase since last two years. Further, the pending subsidies could be released forthwith to provide the much-needed succour to the industry as a whole.
Mr. Naishadh Parikh, CITI Chairman, who was the chief guest on the occasion, congratulated the newly elected team of NITMA and expressed confidence that the new young team would positively take the industry forward in the challenging times.