Indian govt urges industry to invest in technical textiles

“The size of the Indian technical textiles market is about Rs 1 lakh crore. For the past four years, the sector has been growing at a CAGR of 12 per cent. For the next four, it is estimated to grow at a CAGR of 20 per cent and reach the Rs 2-lakh-crore mark. We want domestic and foreign investors to invest in this sector,” said textile commissioner Kavita Gupta while interacting with reporters on the sidelines of a roadshow in Ahmedabad.

The roadshow was held to promote the upcoming ‘Technotex 2018’—the the international exhibition and conference on technical textiles—to be held on June 28-29, 2018, at the Bombay Exhibition Centre in Mumbai.

The government is providing incentives of around 15 per cent on capital investments in the technical textiles sector, and it is expecting industrialists from Gujarat to take the lead in accelerating the growth of this sector, Gupta said.

Urging Gujarat businesses to make the most of the upcoming expo, Rajiv Vastupal, chairman of FICCI Gujarat Council, said, “This is a unique platform which has made it easy to mobilise investments, forge alliances and JVs, enhance trade, project collaborations, and much more for the Indian manufacturers.”

It is necessary to raise capacity of technical textiles domestically to reduce dependence on imports, said Shailesh Patwari, president of Gujarat Chamber of Commerce and Industry (GCCI).

A common platform for interaction amongst stakeholders from across the global technical textile value chain, Technotex display profile will focus on medical textiles, mobil textiles, industrial textiles, eco textiles, geo textiles, home textiles, packaging textiles, protective textiles, sport textiles, agro textiles, construction textiles and clothing textiles. (RKS)

Fibre2Fashion News Desk – India