Technical textile market to grow at 12% CAGR: FICCI

India's technical textiles market, currently estimated at Rs 1 lakh crore, is expected to grow at 12 per cent per annum, according to a study.
The size of technical textiles market is currently estimated at Rs 1 lakh crore and it is expected to grow at 12 per cent per annum.
The country is expected to play a key role in shaping the future of the sector by diversifying towards non-woven technical textiles and forging global partnerships with counterparts, said the report by top industry body FICCI.
An international conference on technical textiles, 'Technotex-2017', began here today. The three-day meet has been organised by Federation of Indian Chambers of Commerce & Industry (FICCI) and Ministry of Textiles.

"Technical textile offers immense potential and has been termed as a sunrise industry in India. With sufficient investments into the technology, the industry would grow exponentially.
"Karnataka and Maharashtra governments have put in ample efforts to utilise their resources and unleash the potential in the textiles sector," Karnataka minister for textiles Rudrappa Lamani said at the meet.

The conference-cum-exhibition this year has drawn in more than 165 exhibitors, who are showcasing a varied collection of technical textiles.
The meet, where 22 countries are participating, has pavilions of China and Taiwan.
Exploring bigger business opportunities with India, eight Taiwanese companies producing high-end innovative technical, functional, performance and industrial textiles and accessories showcased their products at the exhibition.

"Taiwan's textile sector is the leader in technology innovations and manufacturing in the world and it can fulfil India's requirements.
"We are confident that collaborations between Taiwan and Indian companies will lead to better trade relations," Taiwan Textile Federation Vice-President Judy Yang said.