Textile commissioner Kavita Gupta has informed, “India’s technical textile market is expected to grow at 12 per cent per annum to reach 23 billion US Dollar by 2020 from 18.16 billion US Dollar at present,” recently at the 7th edition of three-day Techtextil India 2017 symposium in Mumbai. India contributes four per cent of the global technical textiles exports.
Domestic players has been offered 15 per cent subsidy by the government for those who want to set up machinery for a technical textile unit and has set up eight Centre for Excellence units for research in that field, Gupta said.
Due to a variety of applications in automotive, construction, healthcare and sports equipment industries, demand for such textiles is likely to be steady during 2017-2020, she added.
The textiles sector contributes 14 per cent to India’s total exports basket. Its market stands at 150 billion US Dollar and is expected to touch 250 billion US Dollar by 2020.
India has overtaken Italy and Germany to emerge as the world’s second largest textile exporter with about 51 million people employed directly and 68 million people indirectly in this sector.
– Apparel and Textile News, Apparel Talk, Indian Apparel
