Toshniwal told reporters here on Tuesday that providing financial facilities to the user sector through this fund was the only solution for the industrialist, whose urgent need was to carry out the required technology improvement in the large decentralised weaving and processing sectors in the man-made textile industry.

Toshniwal expected a lot of change in the pattern of the global textile trade that will take place in the wake of that with special reference to man-made textiles, these were predominant in the world trade-whether used for clothing or industrial and technical needs. At present, our share in the world trade was insignificant. Indian industry, therefore, has totake its rightful place in the world markets and towards achieving that, it has to integrate itself with the global setup.

Toshniwal stated that man-made textile export has made tremendous strides during the last few years to reach a level of Rs 3,765.60 crore in 1997-98. The performance in 1992-93 was Rs 1,443.73 crore. A growth of 160 per cent has been recorded during this period he said. It is in this context that our aim to achieve a performance of Rs 7,000 crore by the turn of this century he further added.

He mentioned that the trade has grown in volume by as much as 9.31 per cent during April-September 1998 as compared with the corresponding period last year and in rupee value by 11.76 per cent. The rupee value of our trade would have been higher but for the drop in export prices consequent upon the sharp fall in the prices of raw materials, depressed demand in overseas market and the cut-throat competition offered by the eastern countries which are at present going through currency and economiccrisis , Toshniwal said.