Technical textile grows by 11%
Updated: Sep 02, 2013 05:00:57pm
Mumbai, Sep 2 (KNN) The market size of Indian technical textile has steadily grown from about Rs 42,000 crore in 2007-08 to Rs 91,236 crore in 2013-14 at a Compound Annual Growth Rate (CAGR) of 11 per cent.
“The market size of technical textiles in India has steadily grown from about Rs 42,000 crore in 2007-08 to Rs 91,236 crore in 2013-14 at a CAGR of about 11 per cent... the sector has the potential to reach Rs 1.58 lakh crore by the year 2016-17 at an anticipated year-on-year growth rate of 20 per cent during the 12th Five Year Plan,” said the Minister of State for Textiles Panabaka Lakshmi last week here.
Technical textiles industry in India is still in its nascent stage, but offers huge growth potential, “even the high level committee on manufacturing, chaired by the Prime Minister has recognized the importance of technical textile sector in the national economy,” she said.
Technical textiles are material and products used for their technical performance and functional properties. They include tyre cord, fabrics, airbags, furniture lining, tents, fire services equipment, bullet proof jackets, parachutes etc.
In this context, an international exhibition which will be held from March 20-22, 2014 in Mumbai. The objective is to promote technical textiles.
Further, private industry participation and investment is one of the major objectives of TECHNOTEX – 2014. It will provide the necessary impetus for the growth of this sector in the country. (KNN/GUNJ)
“The market size of technical textiles in India has steadily grown from about Rs 42,000 crore in 2007-08 to Rs 91,236 crore in 2013-14 at a CAGR of about 11 per cent... the sector has the potential to reach Rs 1.58 lakh crore by the year 2016-17 at an anticipated year-on-year growth rate of 20 per cent during the 12th Five Year Plan,” said the Minister of State for Textiles Panabaka Lakshmi last week here.
Technical textiles industry in India is still in its nascent stage, but offers huge growth potential, “even the high level committee on manufacturing, chaired by the Prime Minister has recognized the importance of technical textile sector in the national economy,” she said.
Technical textiles are material and products used for their technical performance and functional properties. They include tyre cord, fabrics, airbags, furniture lining, tents, fire services equipment, bullet proof jackets, parachutes etc.
In this context, an international exhibition which will be held from March 20-22, 2014 in Mumbai. The objective is to promote technical textiles.
Further, private industry participation and investment is one of the major objectives of TECHNOTEX – 2014. It will provide the necessary impetus for the growth of this sector in the country. (KNN/GUNJ)
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