Source: The Economic Times, Dec 09, 2014
MUMBAI: The country’s technical textile sector is expected to grow at 20 percent per annum in the next two years, Union Minister for Textiles Santosh Kumar Gangwar said here today.
“There is a huge potential for the technical textile sector to grow at 20 percent per annum during the next two years. Government has recognised the importance of technical textiles in the national economy as well as the potential for increasing production and exports in the sector,” Gangwar said, after launching curtain-raiser of TECHNOTEX 2015, an international exhibition and conference.
The fourth edition of TECHNOTEX, organised by FICCI in collaboration with the Ministry of Textiles, will be held from April 9-11 next year in Mumbai. As per the 12th Five Year Plan estimates, the market size of technical textiles is expected to grow at CAGR of 20 per cent and reach Rs 1,58,540 crore by 2016-17. The current market size is estimated to be Rs 1,09,659 crore.
Technical textiles include tyre cords, fabrics, airbags, industrial textiles, furniture lining, tents, fire services equipments, bullet proof jackets, parachutes, etc. The government has already approved setting up of 13 textile parks, entailing minimum investment of Rs 100 crore each, the minister said.
Textile Commissioner Kiran Soni said eight Centres of Excellence have been created for the technical textiles industry.