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India’s technical textile segment to grow at 20 per cent this fiscal

The potential of technical textiles in India remains largely untapped. But growing industrialisation, increasing access to medical care and huge infrastructure spending it expected to drive growth of technical textile segment. This is expected to boost the industry and help it grow at 20 per cent to touch Rs 1.58-lakh crore mark in the ongoing fiscal.

In the last couple of years, India has been growing at a fast pace in this sector with perceptible signs of expansion being observed in a few specialized segments, observed Textile Commissioner Kavita Gupta while speaking on the sidelines of Techtextil India Symposium 2016. She said that the Centre was giving financial support for growth of the industry and has already announced 15 per cent capital subsidy for investments in technical textiles under the Amended Technology Upgradation Fund Scheme.

Experts say the global technical textiles market is expected to reach $193.16 billion by 2022. Growth of key end-use industries such as agriculture, construction, packaging and automotive in BRICS nations is expected to remain a key driving factor for global technical textiles market. The Commissioner called for increasing spends on R&D in this particular sector that spends around 10-11 per cent on R&D at present and hopes to double the same in coming years.

The 6th edition of the two-day Techtextil India symposium 2016 brought the entire cross-section and stake-holders of the industry on a common platform as they share their knowledge about the global trends and developments, market potential, opportunities and future prospects of this segment.

 
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