| "Investment is definitely needed. Our immediate requirement in the processing segment is at least Rs 2,000 crore for the year," said R L Toshniwal, chairman, Synthetic and Rayon Textiles Export Promotion Council. |
| The synthetic fibre segment will need Rs 6,000 crore in the next three years, he added. |
| According to industry sources, there is a rising demand for fabric of 60 inch width in the global markets, whereas most of the fabric produced in the domestic market is in the range of 38 to 42 inches. |
| "There are no problems with fibre or yarn segments. However, urgent attention needs to be paid on the width of the fabric. Upgrading the production is the only way for the industry to grow," they said. |
| When it comes to processing, it is not just the synthetic textile, but the entire Indian textile industry, which needs to be accorded a priority, the sources added. |
| "Investment in processing segment will take the largest chunk. By 2010, processing will need Rs 50,000 crore of the total investment of Rs 1,40,000 crore for the whole textile industry," said D K Nair, secretary general, Confederation of Indian Textile Industry (CITI). |
| The synthetic textile players have also demanded a cut in the high import duty. |
| They complained that the duty structure is heavily biased against synthetic fibre and favourable to cotton fibre. |
| "At present, the import duty on synthetic fibre is 8 per cent, which should be cut to 4 per cent," said Toshniwal. |
| The domestic consumption of synthetic fibre is 37 per cent of the total fibre consumption, whereas globally it is 60 per cent. |
| "There is a wide gap in the fibre consumption pattern in India. The import duty on synthetic fibre should be removed. We have approached the government in this regard and are waiting for the budget to address it," said Nair. |
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