The onset of good monsoon and Government initiatives, the domestic textile market may grow by 7-8 percent, which was estimated at USD 60 billion in FY17, said Confederation of IndianTextile Industry (CITI) Chairman Naishadh Parikh.

While, the textiles exports, estimated at USD 40 billion, is likely to expand by 5-8 percent this fiscal.

Parikh, welcoming the new Textiles Minister Smriti Irani, said that the appointment of a dynamic, progressive and result-oriented Cabinet Minister like Irani comes at an opportune time when the industry is poised to turn “Make in India” into a reality.

The apex chamber of textiles in India hoped the industry will achieve the ambitious goal of creating 5 crore jobs in the next few years. Also the recent initiative announced by Government should further strengthen the textile value chain.

India is the second fully integrated textile value chain, next only to China, and industry is looking forward to initiatives to further bolster the sector in view of large investments taking place in Bangladesh and Vietnam towards verticalization of the industry.