India's technical textile industry to touch $30 B over next five years, expert says
India's technical textile industry is expected to grow at a rate of 20 per cent annually to touch USD 30 billion over the next five years. "In view of the growing demands, the country's technical textile industry is expected to grow at a rate of 20 per cent annually to touch USD 30 billion over the next five years," Textile Commissioner Kiran Soni Gupta said after inaugurating the 5th edition of the exhibition for technical textiles and non wovens 'Techtextil India' in Mumbai.
Soni emphasised the growing sectors within the technical textiles industry in India such as medical (Medtech), geo-textiles (Geotech), protective textiles (Protech) and agricultural textiles (Agrotech) and factors of ease of doing business and technology integration that can further propel growth in technical textiles sector. A large number of technical textile products are consumed by different industries like automotive, healthcare, infrastructure, oil and petroleum, among others.
With increase in investments in industry sectors, higher consumption and growing exports, the industrial sector is poised for considerable growth. Growing awareness about the superior functionality of technical textiles will encourage higher consumption of these products. She also said that the National Textile Policy, which is now in its final draft, will be announced soon.
The government is promoting the growth of technical textiles in the country and is implementing four schemes for the purpose namely technology mission, scheme for strengthening of database and standards for technical textiles, scheme for usage of agri-textiles in north-eastern region, and restructured technology upgradation fund scheme.
In addition to these four schemes, the Ministry of Textiles has set up eight Centres of Excellence (CoE) and has also approved setting up of integrated textile parks, Gupta said. The exhibition saw participation from over 150 exhibitors from India, Austria, Belgium, China, Czech Republic, England, France, Germany, Italy, Switzerland, the UK and the US.
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