Govt aims at 20% growth in technical textiles in 12th 5-year plan

Government aims at 20% growth in technical textiles in the 12th five year plan. In the 11th five year plan, technical textile grew at a pace of 11%.

According to government estimates, technical textiles is estimated at $260 billion.

“Currently, our market share in world textiles stands at 4% and we plan to increase it substantially by laying emphasis on the infrastructure of domestic textiles,” said Santosh Kumar Gangwar, minister of state for textiles at a FICCI conference.

Gangwar also added that in the last ten years no importance was given to textiles.

Exports of technical textiles has grown from $624.95 million in 2007-08 to $1355.04 million in 2012-13 with a CAGR of 17%, while imports has grown from $835.82 million in 2007-08 to $1434.97 million in 2012-13 at a CAGR of 11% according to government estimates.

The market size of technical textiles is projected at $17909 millions and 850 units are registered under Technology Upgradation Fund Scheme as technical textile units with the textile commissioner.