India's technical textile market to grow at 12%: Report
The technical textile market of India may grow at a rate of 12 per cent per annum, according to a recent study. It is currently estimated at Rs 1 lakh crore. India will contribute towards shaping the future of the technical textile sector by diversifying towards nonwovens and entering into global partnerships with international counterparts.
Industry body Federation of Indian Chambers of Commerce & Industry (FICCI) has released the report predicting the technical textile sector's growth. The federation has also organised the ongoing Technotex 2017, an international exhibition on technical textiles.
Technical textile has immense potential and is considered as the sunrise industry in India. The industry could grow with sufficient investments into technology, said media reports quoting Rudrappa Lamani, Karnataka minister for textiles.
Maharashtra and Karnataka governments have also put in efforts to utilise their available resources to unleash the full potential of the textiles sector, said Lamani while speaking at the event.
Over 165 exhibitors are participating in Technotex to showcase their varied collections of technical textiles. Visitors from more than 22 countries are attending the event that features China and Taiwan pavilions. (KD)
Fibre2Fashion News Desk – India