Speaking at the “63rd Annual General Meeting of the Association” was Mr. M. Sankar, Chairman of the Textile Machinery Manufacturers’ Association (India).
held in the “ITME CENTER” on Thursday, September 19, 2024, at 6:15 p.m.
Nariman Point, Dalamal Tower, Mumbai 400021.
Respected Mr. Rakesh Mehra, Chairman, Confederation of Indian Textile Industry and Managing Director, Banswara Syntex; my colleagues on the dais, distinguished guests, and friends.
I extend a hearty welcome to everyone attending the Textile Machinery Manufacturers’ Association of India’s 64th Annual General Meeting. We are grateful that, in spite of his busy schedule, Mr. Rakesh Mehra, Chairman of CITI, accepted our offer to be the Chief Guest at our AGM and Export-R&D Award celebration. We extend a hearty welcome to him and eagerly anticipate his priceless advice and insights in advancing the Textile Engineering Sector’s prosperity and vitality. Before presenting the Annual Report and audited financial statements for member’s approval, I’d like to provide an overview of the Indian Textile Engineering Industry and highlight the association’s key contributions across the value chain over the past year.
Global firms have reacted by considering these obstacles as the new normal, even as geopolitical conflicts have been dominating the news. The world economy, supply networks, and consumer demand have all been stretched by the uncertainties. In reaction, economies all across the world have placed a higher priority on fiscal restraint and self-interest. These days, the neutral countries are essential in reestablishing contact and commerce between the opposing blocs. India is becoming more and more visible on the international scene as a key benefactor. This momentum presents a crucial opportunity to secure significant gains across the eco system — or risk letting it slip away.
Economic Growth: From 3.5 percent in 2022–2023 to around 3.0 percent in 2023–2024, the global economy increased.
Inflation: By rising interest rates throughout the year, central banks all over the world helped to control inflation, which dropped from 8.7% in 2022 to 6.8% in 2023, relieving socioeconomic strain on the general populace.
The year saw little increase in global consumer demand, which put pressure on export-based economies to reduce their stockpiles.
The role of home markets: nations with sizable home markets, like China and India, were able to mitigate these effects. The Indian economy is expected to grow at its fastest pace of more than 8% in FY 2023–2024, and the next few years are bright. The exponential increase in foreign capital influx into the Indian equity markets had demonstrated this.
An in-depth examination of the Indian economy and the textile economy
India’s GDP increased by 8.2 percent in 2023–24, and the 2023–24 Economic Survey projects that it would expand by 6.5–7 percent in 2024–25.
Upscaling the ecosystem to take advantage of the prospects with a time-bound roadmap, including business and government entities as a united force, and navigating geopolitical obstacles with free trade agreements are some of the difficulties at hand.
Retail inflation fell from 6.7% in FY 2022–2023 to 4.4% in FY 2023–2024. India outperformed many major and emerging countries in fulfilling its inflation objectives, with core inflation for goods and services reaching its lowest levels in many years. India’s inflation rate in 2023 stayed between 2 and 6 percent, which was the planned range. On the other hand, food inflation rose from 6.6% in FY23 to 7.5 % in FY24.
India’s fiscal deficit decreased in FY24 from 6.4% in FY23 to 5.6%. significant increases in both direct and indirect tax collections, significant economic growth, and enhanced tax compliance have all been important factors. Additionally, from 2% of GDP in FY 2022–2023 to 0.7 percent in FY 2023–2024, the current account deficit shrank.
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