Tech textile given the scope in emerging economies likely to reach a level of $32 bn

India’s technical textiles market that is at present projected to touch $14 billion given the scope in emerging economies, by vertically integrating supply chain, diversifying range of products towards non-woven technical textiles and forging global partnership with counterparts, can contribute to the growth of the industry. It may reach a level of $32 billion by 2023.

This based on the study conducted by PHD Chamber of Commerce which further states that textiles and apparel industry size would balloon to $226 billion by 2023.

At present, Indian textiles and apparel industry is estimated to be worth $99 billion which includes both domestic consumption and exports. It is projected to grow at a CAGR of 8.6 per cent to reach $226 billion.

According to Member Secretary of National Manufacturing Competitiveness Council Ajai Shankar, the Government and industry need to build a close partnership and roll out their joint vision for development and promotion of the sector, setting targets for 2025.

India’s textiles and apparel exports contributes 5.2 percent to the country’s GDP of which the share of textiles (60 per cent) is much higher than that of apparel, which is 40 per cent.