Surat Textile Industry Calls for MMF Yarn Scheme to Boost Innovation

Representatives from the textile industry across India convened in New Delhi on May 13, 2024, for the Textiles Advisory Group meeting chaired by Textiles Secretary Ms. Rachna Shah. Among the attendees were Nikhil Madrasi, the current Honorary Minister and Vice President-elect of South Gujarat Chamber of Commerce and Industry, along with former President Ashish Gujarati and Deputy Secretary Paulik Desai. During the meeting, SGCCI representatives advocated for the introduction of a special scheme for MMF yarn and fiber.

The Chamber of Commerce emphasized that many specialty yarns crucial for innovation are not readily available in India, leading to a slowdown in progress. The unavailability of these yarns has resulted in a decline in the production of technical textiles.

Furthermore, it was revealed that the global market for technical textiles currently stands at US $1 billion, with India's share at 8.8 percent. Access to high-quality MMF yarn could potentially increase India's share in this market by 20 to 100 percent.

Similarly, the availability of MMF yarn and fiber is seen as crucial to enhancing India's presence in the luxury fashion market. The Chamber estimates that with the availability of all MMF yarns and fibers in India, the country could capture up to 50 percent of the luxury fashion market in the future.

With the global textile export market projected to reach US$ 2961 billion by 2030, the Government of India aims to increase India's export market share to 10 percent by 2047. The Chamber believes that with sufficient quantities of MMF yarn, India's export market share could potentially reach 50% by 2047.

In light of these opportunities, the Chamber of Commerce has urged the Government of India to launch a special scheme for MMF yarn and fiber, which they believe will significantly boost the textile industry's growth and competitiveness on the global stage.