“One of the main reasons for the slump in demand for the textile industry has been the rapidly falling consumption pattern of the middle class and the rural belts.
The budget has certainly opened up avenues to boost purchasing power. By elevating the prevailing socio-economic condition, it will increase the disposable income of the middle class. Also, it is notable that the textile industry has been one of the leading employment generators in the nation. With easing up business operations and aiding technological developments, there are definitely opening up other avenues for indigenous manufacturers. Simpler procedures will definitely enable textile companies to invest in product extensions. Additionally, the National Technical Textile Mission aims to bolster indigenous production capabilities and at the same time promote eco-sustainable solutions for waste management. With imports being drastically cut down, there is less opportunity for new entrants and strengthens the position of local players who can fill those niches.
Therefore, there are good tidings expected for the textile industry from a consumption, an employment generation and boosting demand standpoint.”
