Stirred by soaring demand, India’s technical textiles sector is expected to tap an 18-20 percent year-on-year growth during the 12th plan period (2012-17), Sujit Gulati, Joint Secretary, Textiles Ministry, has said.
Stirred by soaring demand, India's technical textiles sector is expected to tap an 18-20 percent year-on-year growth during the 12th plan period #
The Rs. 600 billion Indian technical textile industry has been growing at 11-12 percent over the last five years, and it is likely to tap 18-20 percent growth in the ongoing five year plan period, Mr. Gulati said while speaking to reporters on the sidelines of inauguration of the regional office of the Indian Technical Textile Association (ITTA).
Stirred by soaring demand, India's technical textiles sector is expected to tap an 18-20 percent year-on-year growth during the 12th plan period #
Mr. Gulati said while technical textiles represent around 60 percent of global textile industry, it constitutes only about 9-10 percent of Indian textile sector.
Stirred by soaring demand, India's technical textiles sector is expected to tap an 18-20 percent year-on-year growth during the 12th plan period #
Answering a query, as to whether low investment in R&D are a hindrance for entry of new ventures in Indian industry, he said several big textile firms have either already ventured in the Indian technical textile sector or are eagerly surveying the prospects on this side.
Stirred by soaring demand, India's technical textiles sector is expected to tap an 18-20 percent year-on-year growth during the 12th plan period #
High profit margins and low competition are the main factors which have stirred the interest of entrepreneurs for investing in the technical textile sector.
Stirred by soaring demand, India's technical textiles sector is expected to tap an 18-20 percent year-on-year growth during the 12th plan period #
Textile Commissioner AB Joshi said the Indian Government has received about 3,000 applications from those interested to venture in the technical textile sector.
Stirred by soaring demand, India's technical textiles sector is expected to tap an 18-20 percent year-on-year growth during the 12th plan period #
At present, India imports around 30 percent of its technical textile requirement, Mr. Joshi said.
Stirred by soaring demand, India's technical textiles sector is expected to tap an 18-20 percent year-on-year growth during the 12th plan period #
The technical textile market is expected to grow to be worth over Rs. 1,500 billion by 2016-17, Mr. Gulati informed, adding that the Ministry is trying to draw more investments in speciality fibres like carbon fibre, and has also shown readiness to extend financial support for the same.
Stirred by soaring demand, India's technical textiles sector is expected to tap an 18-20 percent year-on-year growth during the 12th plan period #
Also, he noted that the allocation for technical textiles under the technology upgradation fund scheme has completely exhausted.
Stirred by soaring demand, India's technical textiles sector is expected to tap an 18-20 percent year-on-year growth during the 12th plan period #
The Government is also trying to encourage establishment of facilities for production of heavy machinery needed for the sector, and also to boost production of raw materials to cut the cost of inputs.
Stirred by soaring demand, India's technical textiles sector is expected to tap an 18-20 percent year-on-year growth during the 12th plan period #
Besides, it is also trying to provide financial backing to small and medium enterprises, by extending financial subsidy through Centres of Excellence, Mr. Gulati said.
Stirred by soaring demand, India's technical textiles sector is expected to tap an 18-20 percent year-on-year growth during the 12th plan period #
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