Union Minister for Textiles, Commerce and Industry, Piyush Goyal has said that India is the fifth largest producer of technical textiles in the whole world with a market size of nearly US $ 22 billion, which we hope to build up to US $ 300 billion when we turn 100 by 2047.
Virtually addressing a national conference on Geo Textiles, the Minister said that with robust growth in infrastructure that is being created in India, he believes that significant contribution will be done to increase market potential in the geotextiles and technical textile sector. Thus, considering the growth of the sector, substantial efforts have been made to proactively address the challenges of this industry and facilitate the creation of an enabling environment.
He quoted reforming schemes like the production-linked incentive scheme, PM Mitra Park Scheme and also spoke about the National Technical Textiles Mission and various ease-of-doing-business initiatives to make it easier for businesses to work and operate in India, all of which will help transform India from only a traditional textile industry to a technical textile and MMF (man-made Fibre) hub in the world.
“The coming decade can prove to be the golden decade for the geotextiles industry with large-scale investments both in infrastructure and manufacturing activities. This is the right time for us to capture world markets with growth, economies of scale, speedy implementation of projects and high-quality products suitable for the best customers across the world. I can assure you this deeply committed to working with all stakeholders to generate demand, strengthen research, breakout due applications for technical textiles, promote start-ups to bring innovation, in fact, bring that growth momentum that all of us are eagerly looking towards and working for,” he said.
