A meeting held with the industry representatives from across the value chain on 27 October in India.
During the meeting Piyush Goyal, Union Minister of Textiles, Consumer Affairs, Food & Public Distribution and Commerce & Industry said, Major growth of textiles will come from Man-Made Fibre industry.
Meanwhile, the industry representatives included producers of PTA, MEG, Fibre, Yarn, Fabric and garments.
Regarding this, Piyush Goyal said, “We should aspire to reach a stage where the entire demand is fulfilled by domestic supply thus making the industry Atma Nirbhar. This will secure the raw material availability to lakhs of weavers involved in the polyester value chain, thereby leading to enhanced production.
Also, the industry should understand each other and work in synergy to amicably resolve the issues among the producers and users of the polyester in the entire value chain, they are very hopeful of achieving the export of 100 billion USD in the next 5 to 6 years.
On the other hand, the industry representatives said the expansion of production capacity of key raw materials for manufacturing of Polyester viz. Purified Terephthalic Acid (PTA) and Monoethylene Glycol (MEG) is essential for increased production of downstream industry.
As the additional capacities of PTA are being set up and lakhs of looms are also being installed by the downstream industry which is still fragmented.