Technical textile market to quadruple
The Federation of Indian Chambers of Commerce and Industry (FICCI) believes that the country's technical textiles market will more than quadruple to $37 billion by 2020.
Its latest report claims that the technical textile market, currently worth $8.3 billion, is growing at a healthy pace of 11.25%. However, it says the sector is hindered by: a lack of product standards; research and development facilities and innovative technologies; inadequate regulatory measures and testing facilities; and a shortage of skilled work force.
The report was prepared for the FICCI Conference of Indian Technical Textiles Industry, held on April 22 in New Delhi.
The conference was inaugurated by Shankersinh Vaghela, union minister for textiles. Speakers included Mr V Govindarajan, member-secretary, national manufacturing competitiveness council (NMCC), Mr A K Singh, secretary, ministry of textiles and Dr C Gokhale, chairman, FICCI Taskforce for technical textiles.
