pTextile machinery exports will swell 1667 per cent this financial year to Rs 1400 crore on the back of good demand pouring for spinning machinery and components of textile machinery according to India International Textile Machinery Exhibition ITME Last financial year textile machinery exports stood at Rs 1200 croreppIn the last three years demand continued to pour in for domestic textile machinery despite the overall slowdown in major economies Between FY10 and FY12 textile machinery exports saw an increase of 16667 per cent from Rs 450 crore to Rs 1200 croreppAccording to ITME despite the slowdown in the international textile machinery market textile machinery exports from India will not be affected &ldquoThe Indian textile industry is very optimistic about demand pouring in the coming months&rdquo saidppR S Bachkaniwala chairman of India ITME He added that textile companies are looking at investing in machinery as part of expansionppMost of the developing countries have been importing textile machinery from India in a big way Bangladesh which has emerged in the last few years as a major garment exporter has been importing garmenting machinery from India Vietnam Iran Pakistan China and Egypt have been importing textile machinery from IndiappSpinning machinery as well as spare parts for spinning have been exported heavily from India Yarn processing units textile accessories and weaving machines are exported in bulkppThe domestic demand for textile machinery is also expected to pick up in the next quarter as the Technology Upgradation Fund Scheme TUFS has been extended for another year and is expected to continue in the 12th Five Year PlanppITME expects textile companies to invest in machinery in the next quarter The domestic industry which has been witnessing a rise in demand is also expecting to invest in machineryp
