Manufacturing can become a ₹7.5 tn industry by ’25: Goyal
PremiumThe Union minister also emphasized on the need for reduced import dependency on textile machinery
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The National Capital Goods Policy will help local manufacturers to scale up and become a ₹7.5-trillion industry by 2025 from just ₹2.3 trillion in FY15, Union minister Piyush Goyal said on Sunday.
Goyal also urged manufacturers to develop 100 globally recognized “textile machinery champions" by innovating and focusing on speed, skill and scale.
The commerce, industry, and textiles minister asked various government departments to assist the textile industry gain technical efficiency across the manufacturing value chain and synergize to become cost-competitive.
Goyal was interacting with textile machinery manufacturers through video conference.
The National Capital Goods Policy, approved by the cabinet in May 2016, seeks to employ 30 million people by 2025 from just 8.4 million in 2014-15.
The policy seeks to provide easy access to finance, raw material and technology to help manufacturers become more productive, innovate and improve quality while adopting environment-friendly practices to promote exports and create domestic demand.
“The objectives of the policy will be met by the department of heavy industries in a time-bound manner by obtaining approval for schemes as per the road map of policy intervention," the government said in 2016.
Textile machinery manufacturers must get out of the “command-and-control mindset" and work through “plug and play" mode to make the textile sector vibrant, Goyal said, according to a textile ministry statement.
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“India should be looking to become a global player in producing textiles machinery, producing at scale, producing with quality and quantity the machinery of choice that the world requires," it added.
India is “not averse to imports", but it must reduce import dependency on textile machinery by a concerted effort between the textile engineering industry and the government. The focus on quality will help capture bigger markets and higher productivity, he said.
A globally competitive textile machinery ecosystem will impact the unorganized textile sector as well, which in turn will help the industry as a whole to innovate and enhance capabilities along the value chain, he added.
Referring to India breaching the 1 billion jabs mark, the minister said the historic achievement resulted from a collective effort of 1.3 billion Indians and is a proof of the country’s ‘Atmanirbharta’.
He also cited the success of Mission Chandrayan, a breakthrough in India’s space programme, while urging textile machinery manufacturers to make similar efforts.
Goyal said India is on a mission to achieve transformational changes, and the government has set a target of $100 billion for textiles and garment exports over the next five years.
Indian textile engineering industry is at the cusp of achieving manufacturing excellence with the help of local research and development initiatives and entrepreneurial spirit.
Joint ventures with global players have also ushered in opportunities, he said.
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