Indian textile sector to grow at double-digit rates
The Indian textile and apparel industry will clock double digit growth rates of between 8 to 12 per cent or even more in the next fiscal, a top official at textile major Raymond said.
Sanjay Behl, CEO at the lifestyle business of Raymond added that budgetary proposals as well steps taken by the government will result in increased discretionary income in hands of the consumer.
According to a media agency, Behl said the Indian textile industry is currently growing at the rate of 8-12 per cent and growth is expected to remain same or grow higher in the next fiscal.
“Post the Union Budget, I personally feel the economy will remain bullish because some of the fundamentals for economic growth are looking very good,” Behl was quoted as saying.
He was of the opinion that on account of reforms, liquidity would improve and discretionary income in the hands of consumer would also improve which would lead to increase in spending capacity.
“The share of textile and apparel sector in the consumer price index has gone up which is validation of reality,” he informed.
According to him, once a consumer goes beyond basic consumption, the consumer will go for more textile and apparel consumption.
“So there is a clear indication of the textile sector getting the benefit of the discretionary income in the hands of consumer,” he observed.
He mentioned that he was enthused by the government taking steps to control inflation, while he was upbeat on some reforms in the union budget.
Behl was optimistic that the target of 8-8.5 per cent GDP growth was realistic and that most of the consumption categories like automotive, FMCG and discretionary categories would grow.