NOVEMBER 20239TOP STORIESTEXTILE EXPORTS ESTIMATED TO REACH $65 BILLION BY 2026CII and Primus Partners launched a report titled Decadal Outlook for Textile Industry: Threads of Transformation for Textile Industry at the TEXFUTURE 2023 Conference on 1st November 2023, organized by CII and the Government of Maharashtra.The report highlights the contribution of the textile industry to the GDP will more than double from 2.3% to about 5 percent by the end of this decade. Additionally, the Gross Value Added (GVA) is anticipated to display a consistent annual growth rate of 9 percent from 2021 to 2028.India's textile industry is poised for remarkable growth, remaining a steadfast source of employment, with over 100 million individuals engaged in textile and allied sectors. As we look to the future, the Indian textile industry is committed to contributing significantly to the nation's growth, targeting a substantial $250 billion milestone by 2030. Additionally, India stands proudly among the top five global exporters in numerous categories, including natural fibers, MMF, spun yarn, filament yarn, woven fabric, and home textiles, with textile and apparel exports expected to surge to an impressive $65 billion by FY 2026. WHEELS INDIA TO SETUP SUBSIDIARIES IN USA & EUROPEWheels India, which manufactures wheels for trucks, tractors, passenger vehicles, and construction equipment, has plans to establish fully-owned subsidiaries in the United States and Europe in order to enhance business development and sales coordination. Here in the Nov 2 discussion, Srivats Ram, the MD of Wheels India, stated that the establishment of subsidiaries was motivated by the potential growth that these new geographies could offer to the business.He explained to reporters that the presence of staff is due to our examination of potential new business opportunities in Europe during the first quarter of the upcoming year.In terms of our business expansion, we are looking to tap into the off-load business in the construction and agri-tractor segments of both the United States and European markets. In the meantime, the company was also considering a boost in renewable energy from the current 26 percent to 75 percent by 2026.The city-based company registered a net profit of Rs 14.53 crore during the corresponding quarter of last year.
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