Bangladesh News

Sunday
Oct 22nd
Home arrow News arrow Business News arrow Indian textile sector may grow 4 fold by 2020
Indian textile sector may grow 4 fold by 2020 PDF Print E-mail
Wednesday, 23 April 2008

India’s technical textile market could grow four fold to become a 37-billion dollars industry by 2020, provided issues such as lack of investment and absence of research and development are addressed, a report by industry body Ficci said, reports AFP.

According to the Ficci-Technopak report, the Indian technical textiles market has been registering a growth of 11.25 per cent, which now stands at 8.3 billion dollars. The growth of the sector is, however, marred by factors like lack of investment, absence of high quality R&D and database, it said.

“The lack of mandatory rules for use of technical textile products, certification agencies, design standards, guidelines and skilled manpower are also hindering growth of the sector,” the chamber said.

Technical textiles are materials and products used primarily for their technical and functional properties and not for use as apparels.

Of the 12 technical textiles segments, the report identifies buildtech, geotech, meditech and protech would drive the growth of the sector.

“The demand for geotextiles and protective textiles is set to grow manifold in view of the growing infrastructure and increasing use of fire retardant textiles in various applications,” the report said, adding consumption of geotech in the next five years could be around Rs 10,000 crore.

There would be increased demand for geotextiles due to development of highways, runways and rural roads. Protective textiles are flame-retardant fabrics used in hotels, multiplexes, malls and defence.

The chamber further said the government, industry and financial organisations need to work together to expedite the growth of the industry.

Measures like increasing awareness about technical textile products, R&D centres, focus on specific courses in educational institutions would help boost availability of skilled manpower as well, it said.
 
“Subsidies to farmers to buy agrotech products, joint ventures with international companies for technology transfer and investment in large scale projects and marketing would be instrumental in ensuring growth of technical textiles in the country,” the report said.
Comments Add New
Write comment
Name:
Email:
  We don't publish your mail. See privacy policy.
Title:
Please input the anti-spam code that you can read in the image.
 
< Prev   Next >