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Industry has a bright future provided it modernises: Rana

E-Tex Staff - Mumbai

The Textile Association of India (TAI) has felicitated Mr Mukesh Ambani, chairman and managing director, Reliance Industries, with honorary membership. The ‘Membership Award’ was conferred on Mr Ambani by the Union textiles minister, Mr Kashiram Rana, at the association’s 7th International and 58th All India Textile Conference, organised recently in Mumbai.

Speaking on the occasion, Mr Ambani said, "Reliance is committed to the textile industry. The foundations of the Reliance empire are in the textile industry. I believe that the Indian textile industry has the potential to become a strong international player, but it has to gear up to face the various challenges. Modernisation is absolutely essential if we are to take on our competitors."

Speaking on the occasion, Mr Rana stated that the government is taking the necessary steps to help the industry to modernise, but the industry on its part was not doing enough. "The duty concessions granted by the government have resulted in around 6,000 shuttleless looms getting installed in the industry over the last year and a half. We have initiated a number of other measures to help the industry. But we still do not see any sizeable investments taking place here." He said that he was confident of achieving the target of installing 50,000 shuttleless looms in the industry by 2005.

Striking an optimistic note, he said that the future of the industry was very bright, and there was no cause for apprehensions about China, and other countries, provided the industry modernises, and the government too fulfills its role. "After 2004, our textile exports will increase very fast. Today, exports of certain items are severely restricted due to quotas. Once these go, exports are bound to increase," he averred.