New Delhi: Prime Minister Manmohan Singh advised the textile business industry to look far-off and invest for the approaching two decades and not for the upcoming season.

Asking them to adapt to the altering situation by abbreviating costs and getting competitive, Manmohan guaranteed them that the administration would take all measures to make sure that real productive segments of the economy are not hurt by rupee appreciation.

While speaking at the TexSummit 2007, Mr. Singh said, “Sops and subsidies will work in currency appreciation as a transient phenomenon. However, in the long run, the industry must adjust itself to the new dynamic.”

He stressed that the textile division must regulate from being low cost, low value supplier to high volume, high value supplier, and side by side, it must also originate internationally known brands and labels with worldwide footprint and aspirations.

Acknowledging the strategic position of textile segment in industrial economy, Manmohan stated that this division could act as a vehicle for nationwide industrial modernisation and revitalisation of traditional skills and designs.

"The textile sector is the second largest provider of employment after agriculture. Thus, the growth and all round development of this industry has a direct bearing on our ability to make our growth process more socially inclusive," Mr. Singh said.