The technical textiles sector in India is likely to grow at 20 per cent per annum till 2016-17, Union Minister for Textiles Santosh Kumar Gangwar has said.
Speaking at the launch of curtain-raiser of TECHNOTEX 2015 in Mumbai, Gangwar said, “There is a huge potential for the technical textiles sector to grow at 20 per cent per annum during the next two years. Government has recognised the importance of technical textiles in the national economy as well as the potential for increasing production and exports in the sector.”
Technical textiles are textile materials and products used for their technical performance and functional properties. Technical textiles are an important part of the textile industry and its potential is still largely untapped in India. With increase in disposable income, the consumption of technical textiles is expected to increase.
As per the 12th Five Year Plan estimates, the market size of technical textiles in India is around Rs 1,09,659 crore, which is expected to grow at CAGR of 20 per cent and reach Rs 1,58,540 crore by 2016-2017.
Textiles Commissioner Kiran Soni said eight Centres of Excellence have been created to provide world-class testing facilities, training, incubation and prototype development, and to act as one-stop-shop to cater to the needs of the technical textiles industry.
In addition, there are schemes aimed at strengthening database and standards for technical textiles, usage of agri-textiles in the northeastern region and the restructured Technology Upgradation Funds Scheme (TUFS).
Soni said about 850 units are registered as technical textiles units under TUFS with the Office of the Textiles Commissioner, Mumbai. A majority of these textile units are concentrated in Gujarat, followed by Maharashtra.
TECHNOTEX 2015, the fourth edition of the fair, being jointly organised by the Ministry of Textiles and the Federation of Indian Chambers of Commerce and Industry (FICCI), will be held in Mumbai from April 9-11, 2015.
Technotex 2015 will pool in participants, visitors and other key decision makers from a diverse cross section of the technical textile industry with a view to provide more innovative solutions, identify new business opportunities and create an environment congenial for growth.
