The Government of India is planning to increase fund outlay for various schemes during the 12th Five Year Plan period (2012-17) to promote the technical textile sector, Minister of State for Textiles Panabaka Lakshmi has said.

 

Speaking to media persons during a recent event in Mumbai, the Minister said that the market size of technical textiles in India is estimated to have grown from about Rs. 420 billion in 2007-08 to Rs. 912 billion in 2013-14, at an annual rate of 11 percent.

 

She said that in order to further give a boost to the sector, the Government is considering to increase the fund outlay for various schemes for the promotion of technical textiles to more than Rs. 7 billion during the 12th Plan period.

 

The technical textiles sector in India has the potential to grow to Rs. 1580 billion by 2016-17, if it gets proper policy support by the Government, and efforts are made for promotion, standardization and regulation, she added.

 

She said India needs to tap the potential of technical textiles in the global market and explore new opportunities, as the global technical textiles sector is growing at 3.5 percent per annum and has reached Rs. 7480 billion by now.