Indian Technical Textile market will grow more than 10-12% a year
The world wants to see India in the resilient supply chains, and it is the right time to capture the global market and play a major role in international economy, says Commerce and Industry Minister Piyush Goyal.
“This is the right time for us to look at growth, scale and speed. The world wants to see India in the resilient supply chains. Today is the time to capture the world market and India will play a major role in the global economy,” he said at the 10th edition of Techotex’23, organized by the Ministry of Textiles and FICCI.
“By 2047, the technical textile industry should be US$100-US$125 billion strong. If we accelerate, we can aim for US$200 billion.
“The Indian Technical Textile market will grow more than 10-12% if we are able to showcase its usages for alternate purposes,” he added.
The Minister said that given the vast range of usage for technical textiles, this is the area of the future.
“I appeal to startups and large corporations to consider expanding rapidly in the technical textiles field. Our global market share is about 2.5%; I believe the Indian market will grow faster than 12% if we can showcase its purposes.”
The direction for India is to become an international player playing an integral role in the global supply chain, something that no country has done.
“We have to integrate our economy with those of other developed countries to reach our potential and the desire of our young population,” he said.
While emphasising the G20 Presidency Opportunity, he recalled the 5-F Principle of Farm to Fibre to Factory to Fashion to Foreign espoused by the Prime Minister as the way forward for the industry.
Highlighting the Rs.1,480 crore National Technical Textile Mission, Goyal urged the industry and other stakeholders to examine what new research, new compounds, fabrics, composites, and final products can be leveraged to capture the global market, offering all eight Textile Research Associations and other government institutes to support any private sector initiative that will get high-quality scientific rigour into your innovations and fast track their proposals.
Textile Ministry Secretary Rachna Shah added, “It is gratifying to note that the response to Technotex’23 has been very encouraging, with more than 150 exhibitors and more than 250 buyers from more than 30 countries.
“We are confident and focused on the overarching vision of making India a hub for technical textiles.”
“The government is working on the National Technical Textiles Mission and standards and quality. The Production Linked Incentive Scheme has generated a good amount of interest, which is expected to bring in roughly Rs.10,000 crores in the technical textiles sector,” she added.
The Indian technical textile market is expected to grow at 8%-10% per year, while the Government and the industry are working hard to accelerate this growth rate to 15% – 20% per year, according to H K Aggarwal, Member National Executive Committee, FICCI and Managing Director, Grasim Industries Limited.
Aggarwal further added that initiatives such as the National Technical Textile Mission would boost the textile sector in India, accelerating the momentum of growth.
Noting that the technical textiles industry encompasses many applications and sectors, he said each application has a unique value chain.
The 10th edition of Technotex 2023 was organised on the theme of ‘Envisioning Indian Technical Textiles@2047’ with a focus on highlighting the current trends, developments, challenges and prospects of the industry.
The three-day conference and exhibition, held 22-24 Feb 2023, was attended by over 150 exhibitors and more than 250 buyers from more than 30 countries including Taiwan, Germany, Switzerland, South Africa, Korea, Russia and Luxembourg; providing them with an opportunity to showcase their latest technologies in the arena of technical textiles to over 5,200 visitors. fiinews.com
