At a conference on technical textiles and non-wovens, organised by Federation of Indian Chambers of Commerce and Industry (FICCI), M. Senthil Kumar, Chairman of Southern India Mills’ Association (SIMA), said that the Indian textile industry is expected to attract investment worth Rs. 1 lakh crore in technical textiles by the year 2025.
With major share going to packtech, about 42 per cent, industrial textiles and home textiles are expected to attract about 10 per cent each. Being one of the fastest growing segments in the textile industry, technical textiles segment has registered an annual growth rate of 11 per cent and has the potential to grow at 20 per cent.
The technology mission on technical textiles with an outlay of Rs. 200 crore was extended till the end of this financial year with an additional outlay of Rs. 55.2 crore. Agrotech is a potential area that industries are currently looking at to harness the capacity of the segment.
Also Read – Textiles Ministry has a plan to promote Indian textile industry!
It is pertinent to mention here that Tirupur exporters are aiming to touch an annual turnover of Rs. 1 lakh crore by 2020 from the current Rs. 36,000 crore. They are looking at different products including technical textiles to achieve the target. However, the exporters want the Government to establish technical textile centres in the textile hub of Tirupur to help them do better in the segment.