Technical textiles industry is projected to grow at 20 percent year-on-year and the segment’s potential is largely untapped in the country, a senior government official said.
“We see huge growth potential for the technical textile industry in India. With 12 segments of technical textiles and a market size of Rs 1,16,000 crore it is projected to grow 20 percent per annum,” Textile Commissioner Kavita Gupta said here.
India only accounts for 3 percent of global technical textile production. As compared to countries like Germany where technical textile contributes 50-60 percent, In India, this contribution is only 12 percent, she said.
After inaugurating TECHNOTEX 2018 – an International Exhibition and Conference on Technical Textiles jointly organised by FICCI, Gupta said that technical textiles are being promoted at the highest level by the government so that full potential of this critical segment could be realised.
She said that ministry needs the support of industry to promote usage of technical textiles.
Shishir Jaipuria, chairman, FICCI Textile Committee and chairman and managing director of Ginni Filaments in his welcome address said, “Government has special focus on technical textiles and has announced various flagship schemes and future looks promising. We want to pass on the benefits to the consumers.”
Nearly 168 exhibitors from 39 countries including China, Taiwan, South Korea, Vietnam and USA are participating in Technotex. A total of 225 international buyers will be taking part in reverse buyer-seller meet and 7000 visitors are expected at the two-day event.