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India's technical textile market to reach $23 bn by 2020
India’s technical textile market is expected to grow at 12 per cent per annum to reach $23 billion by 2020 from $18.16 billion at present, the country’s textile commissioner Kavita Gupta told media persons at the 7th edition of three-day Techtextil India 2017 symposium in Mumbai recently. India contributes 4 per cent of the global technical textiles exports.
The government is offering 15 per cent subsidy for domestic players who want to set up machinery for a technical textile unit and has set up eight Centre for Excellence units for research in that field, Gupta said. Demand for such textiles is likely to be steady during 2017-2020 due to a variety of applications in automotive, construction, healthcare and sports equipment industries, she said.
The textiles sector contributes 14 per cent to India’s total exports basket. Its market stands at $150 billion and is expected to touch $250 billion by 2020.
With about 51 million people employed directly and 68 million people indirectly in the sector, India has overtaken Italy and Germany to emerge as the world’s second largest textile exporter. (DS)