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Indian technical textiles market to grow at 9% CAGR: Study

05 Jul '14

2 min read

India’s technical textiles market is expected to grow at a compounded annual growth rate (CAGR) of 9 percent from its currently estimated value of US$ 14 billion to reach a level of $32 billion by 2023, reveals a paper brought out by PHD Chamber of Commerce and Industry and Technopak on ‘Opportunities and Challenges on Non-Woven Technical Textiles’.

The paper was released at a National Seminar on ‘Non-Woven Technical Textiles: Opportunities & Challenges’, held in New Delhi under the aegis of PHD Chamber.

The estimate on growth of Indian technical textiles market is made on the basis of the way the domestic textiles industry is diversifying towards non-woven technical textiles with technological innovations and building global partnership with its counterparts.

The study estimates Indian textiles and apparel industry to be currently worth $99 billion, which includes both domestic consumption and exports, and it projects it to grow at a CAGR of 8.6 percent to reach $226 billion by 2023.

The report projects India’s textile and apparel exports to grow at a CAGR of 8.6 percent from the estimated value of $40 billion at present to $85 billion in 2023. At present, the share of textiles is about 60 percent in the country’s overall textile and garment exports.

The existence of vertically integrated supply chain and diverse range of products are the factors that contribute to the growth of the textile and clothing industry in India, which contributes 5.2 percent to the country’s GDP.

Speaking on the occasion Mr. Anil Khaitan, Chairman, Industry Affairs Committee of the PHD Chamber, said, “India’s consumer spending is going through a fundamental shift. The increase in per capita income, strong demand for better lifestyle and high disposable income have increased the per capita consumption in textiles and apparel market, benefiting the manufacturers. The Indian technical textiles market has shown new trends due to the expansion of Indian market”.

Mr. Ajay Shankar, Member Secretary, National Manufacturing Competitiveness Council (NMCC), pointed out that given the scope of the technical textiles in emerging economies, the Government of India and its industry need to build a close partnership and roll out their joint vision for development and promotion of technical textiles now, setting targets for 2025.

Fibre2fashion News Desk - India