Indian Technical Textile Industry Can Reach $200 Billion Market by 2047: Piyush Goyal
08 March 2023: Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, Textiles, Government of India has said “The world wants to see India in the resilient supply chains. Today is the time to capture the world market and India will play a major role in the global economy.”
Addressing 10th edition of Technotex ‘23, organized by Ministry of Textiles, Govt. of India and FICCI, Goyal, said “By 2047 the technical textile industry should be $100-125 bn strong. If we accelerate, we can aim for $200 bn. Indian Technical Textile market will grow more than 10-12% if we are able to showcase its usages for alternate purposes.”
Minister said that given the vast range of usage for technical textiles, this is the area of the future. “I appeal to startups and large corporations to consider expanding rapidly in the technical textiles field. Our global market share is about 2.5%; I believe the Indian market will grow faster than 12% if we can showcase its purposes. The direction for India is to become an international player playing an integral role in the global supply chain, something that no country has done. We have to integrate our economy with those of other developed countries to reach our potential and the desire of our young population.”
Ms. Rachna Shah, Secretary, Ministry of Textiles, Govt. of India, said, “It is gratifying to note that the response to Technotex ‘23 has been very encouraging, with more than 150 exhibitors and more than 250 buyers from more than 30 countries. We are confident and focused on the overarching vision of making India a hub for technical textiles. Government is working on the National Technical Textiles Mission and standards and quality. The Production Linked Incentive Scheme has generated a good amount of interest, which is expected to bring in roughly Rs.10,000 crores in the technical textiles sector.”
Rajeev Saxena, Joint Secretary, Ministry of Textiles, Govt. of India, said there were special stalls by DPIIT, Textile Research Association and Centre of Excellence highlighting Make in India to the world. He further emphasized that seven technical sessions were held to chart a way forward toward the vision of Technical Textiles in 2047.
H. K. Aggarwal, Member National Executive Committee, FICCI and Managing Director, Grasim Industries Ltd. said, “ Indian technical textile market is expected to grow at 8%-10% per year, while the government and the industry are working hard to accelerate this growth rate to 15% – 20% per year. Initiatives such as the National Technical Textile Mission would boost m the textile sector in India, accelerating the momentum of growth. Noting that the technical textiles industry encompasses many applications and sectors, he said each application has a unique value chain.”
