Indian technical textile industry targets $200 billion by 2047

July 9, 2023 written by

Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, Textiles, Government of India said that this is the right time for us to look at growth, scale, and speed. “The world wants to see India in the resilient supply chains. Today is the time to capture the world market and India will play a major role in the global economy”.

Addressing the 10th edition of Techotex’23, organized by the Ministry of Textiles, Government of India and FICCI, Mr. Goyal, said “By 2047 the technical textile industry should be $100-125 bn strong. If we accelerate, we can aim for $200 bn”. The Indian Technical Textile market will grow more than 10-12% if we are able to showcase its usages for alternate purposes, he added.

The Minister said that given the vast range of usage for technical textiles, this is the area of the future. “I appeal to startups and large corporations to consider expanding rapidly in the technical textiles field. Our global market share is about 2.5%; I believe the Indian market will grow faster than 12% if we can showcase its purposes.”
“The direction for India is to become an international player playing an integral role in the global supply chain, something that no country has done. We have to integrate our economy with those of other developed countries to reach our potential and the desire of our young population,” he added.

Highlighting the Rs. 1,480 crore National Technical Textile Mission, the minister urged the industry and other stakeholders to examine what new research, new compounds, fabrics, composites, and final products can be leveraged to capture the global market, offering all eight Textile Research Associations and other government institutes to support any private sector initiative that will get high-quality scientific rigour into your innovations and fast track their proposals.

Mr. Rajeev Saxena, Jt Secy, Ministry of Textiles, GOI, said there were special stalls by DPIIT, TRA, and Centre of Excellence highlighting Make in India to the world. He further emphasized that seven technical sessions were held to chart a way forward toward the vision of Technical Textiles in 2047.

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