India’s Tech Textiles to reach Rs1.58 lakh cr

The potential of technical textiles industry of India remains largely untapped but with the growing industrialization, increasing access to medical care and huge infrastructure spending is expected to drive growth of technical textile segment which is expected to reach Rs.1.58 lakh crore mark in the ongoing fiscal, grow at a rate of 20 per cent.

Over the last couple of years, India has been growing at a steady pace in the sector with perceptible signs of expansion being observed in a few specialized segments, textile commissioner, Kavita Gupta said this on the sidelines of Techtextil India Symposium 2016.

“The Centre is giving financial support for growth of the industry. It has already announced 15 per cent capital subsidy for investments in technical textiles under the Amended Technology Upgradation Fund Scheme,” Gupta added.

Technical textiles refers to products used for their diverse and multifunctional properties. Technical textiles offer several advantages in their functional aspects for improving health and safety, cost effectiveness, and durability and strength of textile material.

The 6th edition of the two-day Techtextil India symposium 2016 has brought the entire cross-section and stake-holders of the industry at a common platform as they look to share their knowledge about the global trends and developments, market potential, opportunities and future prospects.

– Indian Apparel, Apparel Talk