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.
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.
5 key insights :
- Technical textiles exports to quintuple
- $50 billion sector in five years
- Focus on R&D, skilling, collaboration
- MMF exports poised for growth
- Sustainability and government support
