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Related Keywords: government's intiative, GTTES 2015, Indian textile machinery sector, ITME society, Make in India programme, to boost, to set up textile parke, upcoing new projects, with growth in textile sector

Indian textile machinery industry likely to boost with the growth in the textile sector and upcoming new projects along with the initiative taken to set up textile parks across the country by the government which help the textile machinery market to double to Rs 45,000 crore in the next 7 years from the present Rs 22,000 crore, according to India ITME Society Chairman Sanjiv Lathia.

Moreover, the Modi government's Make in India programme is also expected to help the textile sector by way of increase in demand for modern machineries.

Related Keywords: Indian textile machinery sector

India to boost modernization of the textile industry, Finance Minister P Chidambaram in his Interim Budget 2014-2015 has proposed reduction in the excise duty on textile machinery from 12 percent to 10 percent. It covers all goods falling under falling under chapter 84 and chapter 85 of the Schedule to the Central Excise Tariff Act for the period up to 30.6.2014. However, the Minister added that the rates can be reviewed at the time of the regular Budget, which would be presented by the new Government that takes office after the scheduled General Elections later this year.