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India's technical textile market to grow exponentially

14 Oct '15

2 min read

After an 11 per cent CAGR in the 11th Five Year Plan, India's technical textile market is expected to grow at CAGR 20 per cent during the 12th Five Year Plan, said BB Bharti, the country’s Joint Textile Commissioner, according to a FICCI press release.

At the inaugural function on Interactive Workshop on Technical Textile and Nonwoven in Kolhapur organized by FICCI and Office of the Textile Commissioner, Bharti said, “In India, Technical Textile sector is one of the fastest growing segments of the Indian economy. It has registered compounded annual growth rate (CAGR) of 11 per cent during 11th Five Year Plan and as per the 12th Five Year Plan estimates by the sub-group on technical textiles, technical textile market size is expected to grow at CAGR of 20 per cent and reach Rs 1,58,540 crore by 2016-17 from the market size of Rs. 75,925 crore in 2012-13.”

He also said that technical textile industry in India is projected to have potential for generating over 3 million jobs by 2016. Therefore, the needs for skill development, training centres, accredited and certified courses have become vital for the industry to meet the growth projections successfully.

PK Awade, former Textile Minister of Maharashtra said that marketing is very important part of the technical textile industry and FICCI has been doing remarkably good work and remained engaged with all stake holders of the sector. He highlighted that technical textile industry should emphasize on the importance of improving the overall quality standards and project the image of well-structured quality services. Accreditation and quality certifications are pre-requisites in order to achieve this goal.

In his welcome address, Dr. PV Kadole, Principal, DKTE Society’s Textile and Engineering institute urged the industry players to come together and use the FICCI platform to set the common agenda for the technical textile industry and address the policy and regulatory issues being faced by all the industry stakeholders. (SH)

Fibre2Fashion News Desk – India

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