CITI Chairman Highlights Opportunities At TMMA AGM
CITI Chairman Rakesh Mehra addressed the 64th AGM of the Textile Machinery Manufacturers’ Association (TMMA) on September 19th, 2024 at Mumbai, emphasizing the association’s pivotal role in advancing India’s textile machinery sector.
Mehra congratulated TMMA for its significant contributions, noting that the association not only advocates for textile machinery manufacturers but also influences policy changes and fosters growth in the textile engineering industry.
He highlighted the essential role of machinery in manufacturing, stating that advancements in technology directly affect production efficiency, product quality and global competitiveness. With the Indian textile and apparel (T&A) market currently valued at around US$ 165 to US$ 170 billion, including exports of approximately US$ 35 billion, he pointed to government initiatives like the Production Linked Incentive (PLI) scheme and the PM MITRA scheme as key drivers for positioning India as a major global supplier.
Looking ahead, Mehra expressed optimism about the Indian T&A industry’s potential to reach a market size of US$ 350 billion, including US$ 100 billion in exports by 2030. He stressed the need for significant investments in machinery and technology to achieve these goals.
He acknowledged the government’s Technology Upgradation Fund Scheme (TUFS) as crucial for modernizing the textile sector and advocated for a streamlined version to enhance industry capabilities. While commending domestic manufacturers for producing world-class machinery, he pointed out the existing technology gaps that still require imports for specialized machines.
Mehra urged manufacturers to leverage government support for joint ventures and collaborations to adopt advanced technologies. He also highlighted the growing global emphasis on sustainability and the importance of compliance with new regulations, such as the Electrical Equipment Safety Order, set to take effect in August 2025.
He called on TMMA members to collaborate in addressing technology gaps and adapting to evolving compliance requirements, assuring that CITI is prepared to facilitate these discussions.
