Speed up textile sector reforms

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Domestic textile industry could attract $55 billion investments and create job opportunities for a 65.4-million workforce by 2010, provided reforms are initiated at quicker speed, says a study.

With continuing bottlenecks in place, the projected investment for 2010 could fall to $16 billion from projected $55 billion, and job prospects stay for a meagre lot of 19-million workforce as against projections for 65.4 million, reveals a study conducted by the industry body ASSOCHAM with inputs from the textile ministry.

The predictions for annualised compounded growth of 22 per cent by 2010 would slip to six per cent unless vigorous efforts are made for reforms in the textile sector, the study warns.

“The hardening of rupee has already affected the competence of textile sector as its margins have lowered and international competition has become stiffer. The textile sector would lose its glare for good if reforms are further delayed,” it cautions.

“Another constraint is on the front of labour reforms. The industry is governed by stringent labour laws, which hamper its competitiveness and delay induction of reforms,” the report notes.

– Bengaluru Bureau

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