India's Technical Textiles Exports Poised for Significant Growth
27 September 2023, Mumbai
The country has the potential to become a major player in this sector, given its strong MMF foundation and government support.
India's technical textiles exports are poised for significant growth in the upcoming years, as the country is only just beginning to tap into this sector, as maintained by the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC).
Technical textiles are essential components in various industries, including sportswear, fire-resistant materials, geo-textiles, construction, agro-tech, industrial technology, and home furnishings.
Initiatives
India has a strong MMF foundation and government support, which gives it the potential to become a major player in the technical textiles sector.
The Indian government is also playing a role in promoting the growth of the MMF sector. The Ministry of Textiles has urged the association to develop a brand that represents MMF in the global market, similar to the Kasturi brand for cotton.
Additionally, the government has launched the Productivity-Linked Incentive (PLI) scheme in the MMF sector, which has been successful in promoting growth.
Optimistic View
While SRTEPC believes that the Indian government need not provide extensive support to the textile sector, he suggested that a more favorable duty structure and additional free trade agreements with importing countries would help boost exports in the industry, which is currently experiencing limited demand.
Overall, the outlook for India's technical textiles exports is positive. The country has the potential to become a major player in this sector, given its strong MMF foundation and government support.
