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Technical textiles sector poised for 20 percent annual growth

IANS  |  Mumbai 

India's technical textile sector is expected to growth at the rate of 20 percent per annum over the next two years, reinforcing its importance in the national economy and the potential for increasing production and exports in the sector, the government said Tuesday.

Launching the 4th TECHNOTEX-2015, scheduled to be held here next April, union Textiles Minister Santosh Kumar Gangwar said that the government has accorded high priority to the development of the textile sector, which ranks second only to agriculture in terms of employment generation.

Technical textiles are textile materials and products used for their technical performance and functional properties. They include tyre cords, fabrics, airbags, industrial textiles, furniture lining, tents, fire services equipments, bullet proof jackets, parachutes etc.

Under the 12th Five Year Plan estimate by the Sub Group on Technical Textiles, its market size, standing at around Rs.109,659 crores, is expected to grow at CAGR of 20 percent and touch around Rs.158,540 crore by 2016-2017.

Textile Commissioner Kiran Soni said eight centres of excellence have been created to provide world-class testing facilities, training, incubation and prototype development to act as "one stop shop" to cater to the needs of the technical textiles industry.

Besides, there are schemes to strengthen database and standards for technical textiles, usage of agri-textiles in the northeastern region and the restructured Technology Upgradation Funds scheme.

The government has also approved setting up of integrated textiles parks which which assistance of upto Rs.40 crore is provided towards infrastructure creation, Soni added.

There are around 850 units registered under Technology Upgradation Fund Scheme as Technical Textile Units with the textile commissioner, Mumbai, with a majority of them concentrated in Gujarat, followed by Maharashtra.

The 4th TECHNOTEX-2015, organised jointly by the textiles ministry and FICCI, will see participation of industry leaders, exporters and policy makers to identify new business opportunities and find innovative solutions.

While Maharashtra will be the host state, others like Gujarat, Karnataka, Rajasthan, Madhya Pradesh and northeastern states will join as partner states showcasing their strengths, investment opportunities and fruitful models for industries.

First Published: Tue, December 09 2014. 19:26 IST