The Union Minister for Textiles, Commerce and Industry, Piyush Goyal has said that it is time for the Indian textile industry to focus on scale, quality, speed and higher volume.
Addressing the Keynote Session of ‘Technotex 2023: Envisioning Indian Technical Textiles @2047′, the 10th edition of the International Exhibition and Conference on Technical Textiles, at Mumbai, he said that this is the right time to capture world markets and Indian technical textile industry can aim to reach US $ 200 billion market by 2047.
India is aspiring to take its technical textiles market to US $ 40 billion by 2025-26.
“It is time we started looking at scale and more composite plants, to use more modern technology, thereby also enabling us to meet the needs of large corporate buyers across the world. Many international companies tell me that they are not able to find high-quality high- volume suppliers, even though many would prefer to have a relationship with India and work with a democracy with transparent rule-based systems. In this context, it is time we look at growth, scale and speed,” He said.
He appealed to start-ups as well as large corporations to consider expanding rapidly in the technical textiles field and said that the technical textile sector will enable us to find applications in modern technology areas. Technical textiles are going to be used increasingly in ocean ships and in the airline industry as well.
He also released a Knowledge Report on global best practices in technical textiles on the occasion and a set of seven BIS Standards for technical textiles was also released.
Rachna Shah, Secretary, Ministry of Textiles, said, “The demand for technical textiles is growing globally, in a couple of years, it will be about US $ 320 billion, while India is aspiring to reach a figure of US $ 40 billion by 2025-26. While it is a huge task, we believe we can achieve it provided we put our hands together.”
Rajeev Saxena, Joint Secretary, Ministry of Textiles informed that the post-pandemic edition of Technotex witnessed more than 150 exhibitors from countries including Taiwan, Germany, Switzerland, South Africa, Korea, Russia and Luxembourg.
Also Read: ‘Technotex 2023’ starts in Mumbai
