Technical Textile Market Will Grow Over 12% If We Showcase Its Myriad Applications: Goyal

Technical textiles are the future and the market will grow faster than 12 per cent if we are able to showcase its myriad applications, said Union Textiles Minister Piyush Goyal on Friday.

While speaking at Technotex 2023, Goyal asked the technical textile industry to focus on a bigger scale, quality, Speed and higher volume.

The minister said that this is the right time to capture world markets.

“It is time we started looking at the 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," he said.

Goyal also said that 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 democracy with transparent rule-based systems. 

"In this context, it is time we look at growth, scale and speed. Today is the right time to capture world markets," said the minister.

India's free trade agreements (FTAs) with UAE and Australia came into force last year. "We are also working on agreements with other countries including those of the European Union," Goyal stated.

The direction is to become an international player; no country has become a developed nation without playing an integral role in the global supply chain. 

He mentioned, "We have to integrate our economy with those of the developed countries to reach our potential and the desire of our young population.”