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Growing middle class to enhance viability of technical textiles

06
Jun '09
The technical textile sector is directly dependent on the economic growth of a country. India is a developing nation and with the country on a high growth trajectory, the sector is also bound to grow. GDP of India is predicted by industry analysts to grow by 6% in 2009. Growth of technical textiles is directly with this growth rate.

There are a few major reasons for the growth of the industry. The industry is also directly related to the growth in the middle class population. Estimates predict that by 2030, there would be nearly half billion middle class people in India, which is expected to have a positive effect on the growth of the technical textile sector.

A growing middle class population and rising incomes will create a demand for lifestyle enhancing products. This will require a strong homegrown technical textiles base, which can cater to the needs of growing middle class. .

Technical textiles industry can cater to both domestic and export markets, which will in turn provide a safety net for investments made in the Indian technical textile industry.

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Fibre2fashion News Desk - India


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