Textile Commissioner Kavita Gupta has said that the Indian technical textile market is expected to grow at 12 percent per annum to reach $23 billion in the next two years from the present $18.16 billion. She noted that the use of Technical textiles is expanding globally and India comprises only 4 percent of the global technical textiles exports, and 3 percent imports. She also said that technical textile offers immense potential and has been termed as a sunrise industry in India. With sufficient investments into the technology, she believes that the industry would grow exponentially.
The commissioner has stated that India’s textiles sector is also one of the largest contributing sectors of India’s exports contributing 14 percent to the country’s total exports basket. She said that the size of India's textile market is expected to touch $250 billion in 2020 from current $150 billion. Adding further, she said that the industry employs about 51 million people directly and 68 million people indirectly as India has overtaken Italy and Germany to emerge as the world’s second largest textile exporter.
Gupta further said that in India technical textiles is expected to attract lot of investment opportunities. She also highlighted that in the last five years period the growth has been 12.4 percent CAGR. In addition, she said that demand for technical textiles is expected to stay steady during the period 2017-2020, due to a broadening application in end-use industries, such as automotive, construction, healthcare, and sports equipment and so on. Besides, she said that the government is offering 15 percent subsidy for domestic players, who want to set up machinery and added that the government has also set up eight Centers for Excellence units to foster research & development in the sector.
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