India's technical textile market may touch $32 billion by 2023: Study

Country's technical textiles market which is currently estimated at $14 billion is likely to reach a level of $32 billion by 2023, by diversifying towards non-woven technical textiles and forging global partnerships with counterparts, according to a study.

The study conducted by PHD Chamber of Commerce released today further states that textiles and apparel industry size would balloon to $226 billion by 2023.

Currently, Indian textiles and apparel industry is estimated to be worth $99 billion which includes both domestic consumption and exports. It is projected to grow at a CAGR of 8.6% to reach $226 billion.

"Given the scope of the technical textiles in emerging economies, the Government and industry need to build a close partnership and roll out their joint vision for development and promotion of the sector, setting targets for 2025," Member Secretary of National Manufacturing Competitiveness Council Ajai Shankar said while releasing the study.

The study cites vertically integrated supply chain and diverse range of products as the main factors expected to contribute to the growth of the industry.

In the textiles and apparel exports of the country, the share of textiles (60%) is much higher than that of apparel, which is 40%. Textiles and apparel sector contributes 5.2% to the country's GDP.