With the GDP of India predicted to be in between 8-9 per cent this year, the over 300 million middle class population was set to spearhead the growth of the nonwoven and technical textile industry, Dr Ramkumar Seshadri, Texas Tech University, said in an analysis.
As India's economy was expected to exceed that of Europe and Japan by 2030 and of US by 2045, such a growth was possible because of the increase in household incomes and the predicted growth in agriculture, manufacturing and service sectors, he said in the analysis presented at a recent conference here.
The consumer spending level was growing over five per cent per annum, which resulted in the ongoing growth of organised retail sectors, Ramkumar said.
Stating that the economy received a boost due to the growing middle class, young and educated population, Ramkumar said that these were the vital factors for the growth of nonwoven and technical textile industry in the country.
A major support scheme of National technology Mission for technical textiles as well as the growth in the middle class population were expected to change the nature of technical textile industry in the next five to 10 years, he said.
