Home / Knowledge / News / Textiles / Indo-German technical textile business poised for huge growth
Indo-German technical textile business poised for huge growth
12
Mar '10
Indo-German Technical Textile business poised for huge growth Mumbai, 11 March, 2010. "Indian innovation combined with German Technical Textile technology leadership can boost bilateral trade, economic cooperation and take Indian technical textile industry to highest levels of growth", assured Mr. Walter Stechel, Consul General of Germany in Mumbai, at a Conference on "German Technology for Indian Technical Textiles" held in the city.

He also suggested that India and Germany, should explore 3rd world markets in South Asia, Central Asia and Africa, countries where German companies might have cost disadvantage and where the combination of German technology and Indian innovative production skills could have market penetration.

Mr. Boris Abadjief, leader of VDMA (German Engineering Federation Textile Machinery Association), said, "Technical textiles which has a great potential for growth in India, offers great opportunities in terms of innovation and value addition. India could effectively tap the German market valued at US$8 billion (Rs.2000 Crores)". He appealed to the Indian technical textile industry to take full advantage of Germany's strength in manufacturing high-class machinery for increasing their share of the world market for technical textile products.

Inaugurating the Conference, Mr. A. B. Joshi, Textile Commissioner, Ministry of Textiles Government of India, predicted that Indian technical textile industry will grow at the rate of 11% year on year to reach a market size of Rs.70,151 crore by the year 2012-13 which is higher than the growth rate of 3-4% prevailing in the international market. The Indian technical textile market size for the year was Rs.41,756 crores out of which Rs.38,855 crore was domestic consumption and exports accounted for Rs.2901 crore, he noted.

He informed that the Government would shortly be launching the Technology Mission on Technical Textiles which was announced by Prime Minister, Dr. Manmohan Singh, in September 2007. Mr. Joshi declared that the Government was planning to implement the Technology Mission on Technical Textiles for five years starting from 2010-11 with a proposed outlay of Rs. 500crores. Referring to the four centers of excellence viz. BTRA for Geotech, SASMIRA for Agrotech, NITRA for Protech and SITRA for Meditech, Mr. Joshi said that the Ministry of Textiles has already released an amount of Rs.41,701 crore till date to these COEs against sanctioned amount of Rs.43.31 crore.

These Centres of Excellence have completed establishment of almost 50% of facilities and within six months to one year all the COEs will become fully operational, he added. Referring to the modified Technology Upgradation Fund Scheme (TUFS) which provides for additional benefit in terms of 10% capital subsidy on specified technical textile machinery in addition to 5% interest reimbursement, Mr. Joshi appealed to the industry to avail of the cumulative benefit which works to more than 20 percent for setting up technical textile projects.


Must ReadView All

Textiles | On 25th Sep 2017

SVP Group to build $300 mn spinning plant in Sohar

ShriVallabh Pittie Industries (SVP) Group, a diversified yarn...

Apparel/Garments | On 25th Sep 2017

Vietnam textile sector to gain if EU FTA gets ratified

Experts feel the Vietnam-European Union (EU) free trade agreement...

Courtesy: Business Wire

Textiles | On 25th Sep 2017

Invista to use ADN technology at joint project in France

Invista, a leading producer of chemical intermediates, polymers, and...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Top executives
Textile industry

The foremost issue is bridging the skill gap

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search