Technical textiles industry is expected to grow at a rate of 20 per cent to reach Rs 1.58-lakh crore mark in the ongoing fiscal, a top Central Government official said today.
However, the segment's potential remains largely untapped in India, the official added.
"The government is taking growth of technical textiles on priority basis. The industry is expected to grow at 20 per cent to Rs 1,58,000 crore in FY17. Growing industrialisation, increasing access to medical care and huge infrastructure spending is expected to drive growth," Textile Commissioner Kavita Gupta said here.
Over the last couple of years, India has been growing at a steady pace in the sector with perceptible signs of expansion being observed in a few specialised segments, she said this on the sidelines of Techtextil India Symposium 2016 which began here today.
The Centre is giving financial support for growth of the industry. It has already announced 15 per cent capital subsidy for investments in technical textiles under the Amended Technology Upgradation Fund Scheme, Gupta said.
The global technical textiles market is expected to reach USD 193.16 billion by 2022. Growth of key end-use industries such as agriculture, construction, packaging and automotive in BRICS nations is expected to remain a key driving factor for global technical textiles market, the IAS officer said.
The Commissioner called for increasing spend on R&D in the sector. The sector spends around 10-11 per cent on R&D at present and hopes to double the same in coming years.
The 6th edition of the two-day symposium has brought the entire cross-section and stake-holders 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.
Technical textiles refers to products used for their diverse and multifunctional properties. Technical textiles offers several advantages in their functional aspects for improving health and safety, cost effectiveness, and durability and strength of textile material.
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