Indian synthetic fibre sector to grow at 5-6% CAGR

15 Apr '17

1 min read

The Indian synthetic fibre industry could grow at a CAGR of 5-6 per cent over a period of five years, said Rajen Udeshi, president, Association of Synthetic Fibre Industry (ASFI). The industry went from 43 million tonnes (MT) in 2002 to 32 MT in 2017. The textile industry estimated at $130 million is likely to grow to $300 million in the next few years.

The fibre industry of the country also needs to grow along with the textile industry as cotton supply here is limited, said Udeshi while speaking to the reporters on the sidelines of the 11^th Asian Chemical Fibre Industries Federation (AICIF) conference.

He said that states like Gujarat, Maharashtra and Madhya Pradesh are giving incentives for setting up synthetic fibre units.

Udeshi also said that high –quality fabric is what India needs. The government should also support the industry to accelerate its growth by removing exemption in value chain, ensuring fibre neutrality and providing a uniform duty structure.

The AICIF conference was a two-day event highlighting sustainable strategies for the chemical fibre sector. It was attended by representatives from Indonesia, China, Korea, Japan, Pakistan, Malaysia, Thailand and Chinese Taipei. (KD)

Fibre2Fashion News Desk – India

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