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by TopBusinessView

India aspires to take technical textiles market to $40 billion in 4-5 years: Goyal

NEW DELHI: Union Minister Piyush Goyal on Friday said India aspires to take its technical textiles market to $40 billion in the next 4-5 years from $22 billion at present. In a virtual address at a conference on geo textiles, the Textiles Minister also expressed hope to build a domestic technical textiles market of up to $300 billion by 2047.

Currently, India is the fifth largest producer of technical textiles in the world with a market size of nearly $22 billion.

To achieve these objectives, Goyal underlined the need to focus on improving productivity at manufacturing and supply-chain levels.

Technical textiles are functional fabrics that have applications across various industries including automobiles, civil engineering and construction, agriculture, healthcare, industrial safety, personal protection etc.

“We will have to introduce economies of scale and also have to work on research and development to innovate and come up with attractive products which are in the future going to become global brands.

“For this purpose, robust inter-ministerial coordination is happening which will pave the way for the development of the technical textiles market in India,” he added.

Pointing out that global demand for geotextiles is also growing strongly, the minister expressed confidence that on the back of robust growth in infrastructure being created in India, the country will be able to contribute significantly to an increased market potential in geotextiles and technical textiles.

“India today is aspiring to take its technical textiles market to at least $40 billion in the next 4-5 years. While it is a huge task, we think we can achieve it, provided we all work together,” Goyal said.

The minister assured that the government is deeply committed to working with all stakeholders to generate demand, strengthen research, bring out new applications for technical textiles and promote startups to bring innovation.

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