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CITI says the domestic textiles likely to grow 7-8% in FY17

With a good beginning of the monsoon season, the domestic textile market is expected to grow by 7-8 per cent in FY17, the Confederation of Indian Textile Industry (CITI) has said.

“The onset of good monsoon and Government initiatives may help in growth of 7-8 per cent of domestic textile market, which was estimated at USD 60 billion in FY16,” Confederation of Indian Textile Industry (CITI) Chairman Naishadh Parikh has been quoted to have said.

Welcoming the new Textiles Minister Smriti Irani, Parikh was quoted as saying that the appointment of a dynamic, progressive and result-oriented cabinet minister like Irani has come at an opportune time.

The apex chamber of textiles in India hoped that the industry would achieve the ambitious goal of creating 5 crore jobs in the next few years.