The Government is eyeing 5 times increase in export of Technical Textiles in 3 years – from US $ 2 billion to US $ 10 billion.
In a meeting with the representatives of Indian Technical Textile Association (ITTA), Union Minister of Textiles, Commerce & Industry Piyush Goyal said time has come to target 5 times increase in export of technical textiles in 3 years.
He also suggested public private participation in use of Government funds in research and development in technical textiles.
ITTA is an association of small and medium segment of technical textiles manufacturers. 90 per cent of their members have annual turnover below Rs.100 crore.
“We should align with best standards in textile manufacturing. There should be no difference in quality of textile meant for international and domestic consumers,” the Minister said.
He added that the Government would support PLIs for textile sector in states supporting development and offering affordable infrastructure for textile manufacturing like cheap land and power.
The growth of technical textiles in India has gained momentum in past 5 years, currently growing at 8 per cent annum rate. The Government’s aim is to hasten this growth to 15-20 per cent range during next 5 years.
The current world market of technical textiles is US $ 250 billion (18 lakh crore) and India’s share in it is US $ 19 billion. India is an aspiring player with US $ 40 billion size in this market (8 per cent share).