Country's synthetic fibre industry is estimated to grow by around 5-6 per cent per annum over the next five year's period.
"India's synthetic fibre industry has grown from 43 million tonnes (MT) in 2002 to 63 MT in 2017. We expect the industry to grow at 5-6 per cent CAGR in the next five years period," Association of Synthetic Fibre Industry (ASFI) president Rajen Udeshi told reporters here today.
The country's textile industry is estimated at USD 130 million and aims to grow to USD 300 million in next few years.
In line with the growth of textile industry, we need fibre industry also to grow as we have limited supply of cotton in the country, Udeshi said on the sidelines of 11th Asian Chemical Fibre Industries Federation (AICIF) conference.
Udeshi pointed out that several states like Maharashtra, Gujarat and Madhya Pradesh are giving incentives for setting up synthetic fibre industries.
"India has a lot of scope. Industry needs to work hard and convert it into opportunities. High-quality fabric is the need of the hour," Udeshi said.
The industry also seeks support from the government for faster growth by providing fibre neutrality, removal of all exemptions in value chain and uniformity in duty structure, he said.
The two-day AICIF conference concluded here today revolved around the theme of 'Low crude price regime: Creating sustainable strategies for the chemical fibre industry.'
It had delegates from nine countries including China, Indonesia, Japan, Korea, Malaysia, Pakistan, Chinese Taipei and Thailand.
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