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Technical textile sector growth co-related to GDP

27
Jan '10
Dr Ramkumar
Recent news from China is worth watching and will be helpful for framing policies to support the growth of technical textiles sector in India. Recently, it was reported Chinese GDP in 2009 grew by 8.7% from its previous year. Strikingly its fourth quarter growth in 2009 has been 10.7%.

The year-on-year growth in 2009 for India has been forecast at 6.7%. China economic growth story made global news with a forecast that China may very well be the world's second largest economy by 2010-11.

How much impact this shift will have on the global economy and in particular, on India's technical textile industry? It is well accepted that the growth of nonwovens and technical textiles sectors are related to the GDP growth of nations. Developed economies such as the US, Western Europe and Japan have followed this pattern. Will India be different?

Industry associations such as the USA based Association of the Nonwoven Fabrics Industry (INDA) predict a linear relationship between the GDP growth quantified by Purchasing Power Parity (PPP) and the growth of nonwovens industry. If this hypothesis holds good for India, we will certainly have a positive growth.

Discussions with many leaders over the past two months have revealed that the growth is not happening fast as expected. It is therefore necessary to create a good understanding on the factors that affect the growth of technical textiles sector in India, more importantly the relationship between India's economic growth and the development of nonwovens and technical textiles sector.

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Fibre2fashion News Desk - India


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