The government of India has projected that the technical textiles industry of the country will grow at a rate of 20 per cent to reach Rs.1.58 lakh crore in the current fiscal. Though the segment’s potential is still largely untapped in the Indian market.
“Growing industrialization, increasing access to medical care and huge infrastructure investment is expected to drive growth. The government is taking growth of technical textiles on priority basis by providing financial support to the industry,” Kavita Gupta, textile commissioner said.
“The government has announced 15 per cent capital subsidy for investments in technical textiles under the Amended Technology Upgradation Fund Scheme,” Gupta added.
The sixth edition of the two-day symposium has brought the entire cross-section and stakeholders 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.
It may be mentioned here that the global technical textiles market is expected to reach 193.16 billion US dollar by 2022. Growth of key end-use industries such as agriculture, construction, packaging and automotive in BRICS nations is likely to remain a key driving factor for global technical textiles market.
Apparel & Textile News – Apparel Talk, Indian Apparel