International demand for Textiles Industry Spare Parts looks positive
by BookMy Parts Machinery Parts Ki Chalti Phirti DukaanExports
of textile
machinery spare parts are likely to grow up this fiscal, after a year
of marginal growth registered in 2016-2017 due to lower demand.
According
to Textile Machinery Manufacturers’ Association, India, machinery exports in
2016-2017 were worth ₹2,438 crore compared with ₹2,351 crore the previous year.
Total production of textile machinery in India in financial terms was to the extent
of ₹6,650 crore, including spares and accessories.
This
year, export of equipment for spinning, spinning accessories, weaving preparatory
and of other accessories is likely to grow in the range of 15-20%, Accordingly
to TMMA sources, In Textile machinery, accessories and spare parts industry,
32% of domestic demand have been met indigenously whereas Imports amounted to
₹10,098 crore in the last fiscal year 2016-17.
Import
of textiles industry spare parts has been continuously rising from China
and trend will be continued this year as well.
The
issues like Demonetization and GST have affected the sentiments however, this
is expected to be corrected in six months period and investments will start
picking up in Textiles sectors.
Govt.
of India is keen to promote local manufacturing of Textiles machinery,
accessories and industrial machinery spare parts through foreign direct
investment and joint venture. India has witnessed continuous increase in
production of Textile spare parts
over the last decade.
Countries
like Bangladesh imports 70 % of their requirements of Textile spare parts and Indian companies have excellent potential
to export textile machinery spare parts
in Bangladesh, Pakistan, Vietnam and African countries. Growing Bangladesh
market & other South Asian countries holds excellent potential for spare
parts for India machinery spare parts
manufacturers.
Considering
the textile and garment production scenario in South Asia, India can emerge as
one of the preferred destination for sourcing of Textile machine parts,
accessories.
Although
concern about GST implementation among industry players, the overall sentiments
is positive as industry do believe that in the long run GST would bring
benefits to the Textile spare parts
industry and the overall impact would be good.
According
to industry experts, govt. needs to incentivize the exports of Textile spare parts manufacturers as
most of the companies in segments are from small and medium size industry and
it contributes significantly to the exports and employment. Manufacturers of textile machinery parts will have to
strategize effectively on marketing and sales activities to take advantage of
growing domestic market and simultaneously tap potential in exports.
Textile
India 2017, the exhibition cum B2B event recently held at Gandhinagar Gujarat
has witnessed participation and deliberation by textile parts industry to showcase its strength. Leading industry
players needs to explore opportunities in foreign tie-up, joint venture with
European companies and also with Chinese Textile spare parts manufacturers.
Chinese
companies are aggressively eyeing Indian textile machinery spare parts industry
to expand their presence and interested in tapping export opportunities.
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Created on May 3rd 2018 06:16. Viewed 582 times.