|India's technical textile market poised to jump|
|August 04, 2012 (India)|
Growing at a compounded annual growth rate of 11 percent, India’s technical textile market grew to be worth Rs. 570 billion during 2011-12 from 2007-08 when it stood at Rs. 420 billion, and is expected to be worth Rs. 1,580 billion by 2016-17.
Contributing about eight percent to the total technical textile market, industrial textile posted an 11 percent growth to grow from 2007-08’ Rs. 32 billion to Rs. 48.92 billion in 2011-12, and is expected to grow to be worth Rs. 111.91 billion in 2016-17, said Sujit Gulati, Joint Secretary, Ministry of Textiles.
He informed that his Ministry has established eight Centres of Excellence for promotion of technical and industrial textiles such as composite, sportech, non-woven and items like conveyor belts that have great potential not only in India, but even at international level.
Meanwhile, PSG College of Technology and Office of Textile Commissioner are developing one more Centre of the kind at Nilambur with a total outlay of Rs. 490 million, for carrying out Research and Development in the field of industrial textiles.
Around 20 small and medium enterprises (SME) segments have enrolled themselves under the Technology Mission for Technical Textiles scheme. These projects would be approved only after the consultants provide their nod to the same.
Mr. Gulati said the Indian technical textiles markets is set to boost, once the Government lays down strict rules like making it mandatory to wear seat belts while driving. Further, he also informed that the Government has started a dialogue with eight ministries to use these kinds of textiles for laying Highway roads to exercise a check on land and sea erosion.
|Technical Textiles News Desk - India|