India's textile export remained flat at USD 40 billion in the last fiscal, as compared to USD 41.4 billion in 2014-15, Union Minister Santosh Kumar Gangwar said here today.
"Despite poor market conditions, the textile industry did well as compared to other sectors on export front. Our textile exports remained at USD 40 billion in 2015-16," the Minister of State for Textiles told PTI after the inauguration of Technotex 2016 conference here.
In 2014-15, textile export stood at USD 41.4 billion.
Export during last fiscal was however lower than the target of USD 47.5 billion set by the government for textile and clothing. The subdued trend in export was due to recessionary trend in Europe and the US markets, industry experts said.
About the technical textile sector, he said the country sees a huge growth potential in the sector.
"This (technical textile) sector is still at its nascent stage but it has been recognised as the fastest growing segment of the textile sector by the government and industry stakeholders alike.
"These functional textiles are used for their inherent performance enhancement properties in various field ranging from protective services, steel manufacturing, construction, agriculture, sports, nation security, food security etc," he added.
Gangwar pointed out that the growth rate of technical textile sector is expected to be much higher.
"Based on past trends of growth and estimated end user segment growth, the Working Group on Technical Textiles for 12th Five Year Plan (FYP) has projected the market size to Rs 1.58 lakh crore (USD 28.82 billion) for the year 2016-17 with a growth rate of 20 per cent," the minister added.
According to the minister, Technotex exemplifies the immense potential for trade and investment between India and foreign countries in technical textile sector.
Meanwhile, Maharashtra Chief Minister Devendra Fadnavis,
who was also present on the occasion said the technical textile sector in the country also has tremendous potential for generating employment.
"It is consistently being looked upon for the future growth of the country. While the (state) government has taken concrete initiatives in the area, the industry players also need to bring in large scale innovations," he said.
The 3-day exhibition and international conference Technotex 2016 has attracted over 150 exhibitors, looking to showcase a varied collection of technical textiles from the various sub sectors of the industry.
Gujarat and Karnataka are participating as partner states in the event.
