West bengal holds huge potential to emerge as a Textile Manufacturing and Textile Machinery industry hub in India.
West Bengal can attract big tickets investment USD 6-7 billion in Textile industry & Textile Machinery industry.
We know In 2018 indian textile industry imported machinery and accessories worth $4 billion.......We also know Indian Textile machinery industry likely to touch $6.9 billion /Rs 45,000 crore by 2022.......india's textiles production may touch USD 650 billion(4.60 Lakh cr) by 2025.
A promising Textile Market scenario
1)West Bengal has Potential to become the next Textile hub of India, Textile park -Jagdishpur,Ashoka nagar,Barasat ,Belur and Bankura can attract investments of USD 5 billion ......it can generate employment of more than one million.
These investment will not only meet the requirements of West Bengal and rest of India(domestic Textile demand may cross $350 billion by 2023 and export more than $100 billion by 2023 ) but also meet substantial requirements from neighbouring countries like Bangladesh, Nepal, Bhutan, Sri Lanka ,china, Indonesia, Thailand, Malaysia, Philippines and other South Asian countries.
2)West Bengal , Orissa, Assam, jharkhand,Bihar and NE consumer based around 500 million.
Textile Machinery market size
The global Textile Machinery market is valued at USD 40 billion (2.80 lakh cr) in 2018 and Asia-Oceania had the largest market share of 88% in the global textile machinery .
WB has Potential to become the Textile Machinery manufacturing hub of India can attract $2-3 billion investment ....500 small and medium textile factories in and around West Bengal....neighbour Bangladesh has around 800 factories and Myanmar has 600 factories,Nepal 100 and Bhutan has 60 manufacturing units.
So,WB can fulfill machinery demand of domestic and neighbouring countries -Bangladesh,Mayanmar,Nepal, Bhutan and other South Asian countries.
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References
*Textile machinery industry likely to touch Rs 45K cr by 2022 - The Economic Times 07-Oct-2015.
*Golden Era of Indian textile industry $650 billion opportunity by 2025 - Textile Magazine .www.indiantextilemagazine.in › 04-Nov-2015.
*Textile machinery imports rise 24% in FY19 - The Hindu 09-Aug-2019.
*The global textile market size was valued at USD 925.3 billion in 2018.
