Article 27/09/23 Affichages : 1070

India's Technical Textiles exports Set to Soar

Article 27/09/23 Affichages : 1070

27 September 2023, Mumbai

Textile Minister's Bold Vision

In a call to action, the Hon'ble Textile Minister urges the textile sector to quintuple Technical Textiles exports, targeting a jump from $2 billion to $10 billion.

Video Insights

Indian Technical Textiles Set for Explosive Growth

Rachna Shah, the textiles secretary, highlights the Indian technical textiles sector's remarkable potential.

The sector, currently valued at $22 billion, is poised to reach an astonishing $50 billion within five years.

Government's Strategic Initiatives

To achieve this ambitious goal, the government adopts a multifaceted strategy, emphasizing research and development in technical textiles, workforce skilling, and collaboration among certification agencies, industries, and ministries.

India Aims to Dominate MMF Exports

Chairman of the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC), Badresh Dodhia, sees significant growth potential in India's man-made fiber (MMF) exports.

Currently, at 30% of total exports, MMF could drive India's global presence in the textile market.

MMF Sector's Resurgence

MMF demand has consistently grown at a 10% Compound Annual Growth Rate (CAGR) in the past five years, following a period of stagnation.

Dodhia attributes this growth to increasing awareness among Indian consumers.

Sustainability and Government Support Boost MMF

Stability in MMF prices and its sustainability factor make it an attractive option. Government initiatives, like the Productivity-Linked Incentive (PLI) scheme and endorsements by Prime Minister Narendra Modi, further boost the sector.

Bright Prospects for Technical Textile Exports

With comprehensive strategies and government backing, India's technical textiles sector is primed for exponential growth, positioning itself as a major player in the global market.

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