India’s exports of textile machinery, equipment for spinning, spinning accessories, weaving preparatory and other accessories are likely to increase by about 15 to 20 per cent this fiscal year. Domestic investments were hampered by demonetisation and GST. However, this is expected to correct in five or six months, which is when investments would pick up. China is a big supplier of looms, accessories and spares to India.
Indian textile machinery industry has been experiencing tremendous growth over recent years, facilitated by the country’s booming textile and apparel market. India is expected to be a leading textile producing country in the world by 2020, and the domestic textile and apparel market in India is estimated to grow at 12 per cent CAGR over 2020. The technical textile market in India is also showing a promising growth, at 18 per cent CAGR.
The machinery industry is expected to reach Rs 35,000 crores by 2021. The industry plays a vital part in shifting India’s textile and apparel industry from a labor-intensive production to a more advanced and industrialized sector. Major manufacturers of textile machinery are: Germany, Italy, Japan, Switzerland, France and China. India is one of the major importers of textile machinery of these countries today.