India : Indian Technical Textiles market to grow four times by 2020

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Indian Technical Textiles market to grow four times by 2020

21
Apr '08

“Indian Technical Textiles market is set to grow by more than 4 times to $37bn in the next 12 years i.e. by 2020”, estimates FICCI – Technopak Report on 'Indian Technical Textiles Industry: Stimulating Demand and Promoting Development'.

The report pointed out that the growth of Indian market for technical textiles, currently at $ 8.3 billion and growing at a healthy pace of 11.25%, is hindered by lack of product standards; R&D facilities and innovative technologies; inadequate regulatory measures in various application areas for ensuring use of technical textiles at par with developed countries; lack of economies of scale; inadequate testing facilities and skilled work force.

These deficiencies that are holding down the growth of different sectors of technical textiles have been spotlighted by a FICCI-Technopak Report prepared for the FICCI Conference of Indian Technical Textiles Industry to be held in the capital on April 22, 2008.

The conference will be inaugurated by Mr Shankersinh Vaghela, Union Minister of Textiles and addressed, amongst others, by Mr V Govindarajan, Member-Secretary, National Manufacturing Competitiveness Council (NMCC); Mr A K Singh, Secretary, Ministry of Textiles and Dr C S Gokhale, Chairman, FICCI Taskforce on Technical Textiles.

Leading industry professionals and senior government officials dealing with technical textiles will deliberate on issues confronting the industry at the day-long conference.

Technical Textiles are textile materials and products manufactured primarily for their technical performance and functional properties rather than their aesthetic or decorative characteristics.

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