Textile exports to United States and Europe have registered a growth of 26 and 20 % respectively during the current year and the sector has Rs. 18,000 crore investment through various schemes of United Progressive Alliance Government said Mr. Shankarsinh Waghela on 16 February. Mr Waghela was speaking after inaugurating a day-long symposium on textile apearel and garment called ‘Entry Strategies in Global Markets’, which was organised by Federation of Indian Chambers of Commerce and Industries (FICCI) in Mumbai. The symposium would have served a better purpose in 2005 at the time of the withdrawal of quota regime he added. He further said the State Bank of India's willingness to co-host the event indicated that textile was once again becoming a sunrise
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About the stiff competition from China, Mr. Waghela expressed hope that Indian textile industry would surely find a solution to today's problems. He also suggested adoption of corporate farming for the cotton growing areas of Maharashtra and Andhra Pradesh, where the quality of cotton is too low. Instead of wasting Rs 2,000 crore or more on cotton growers in subsidies, the same amount if invested with prudent policies will bring about good returns on the capital he said. Mr. Satish Chaturvedi State Textiles Minister, in his speech, said that high bank interest rates and power tariff were inhibiting factors for the textile sector. The Maharashtra Government has set up a task force to probe the various opportunities available to the sector as suggested by the Union Government, he added. 
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