The support of the State Government, according to the Indian Texpreneurs Federation (ITF), is essential for the future success of the spinning industry and the textile sector. ITF had addressed a letter to Thangam Thennarasu, the finance minister, requesting the appointment of a third-party financial research agency and the introduction of new technologies to the state’s textile and clothing industry.
The goal of the external expert financial research agency, according to ITF convener Prabhu Dhamodharan, is to assess the level of stress in the industry and its related sectors.
The agency could create data and submit it to the Finance Ministry. The report should cover the present and immediate future demands in the domestic and export markets. The State Industries Department could prepare and present such a report,” he said.
He noted that numerous cotton-growing states had begun spinning mills using cutting-edge technology and said that such advances would lower production costs while assisting in snatching export business with a cost-competitiveness.
To prepare the state’s spinning mill industry for the next competition, the State Government should develop a new incentive-based programme. The programme must guarantee that the technology will remain current for the ensuing 15 years and maintain the competitiveness of the industry.
