Technical Textiles Industry Poised To Grow To USD 200 Billion: Piyush Goyal

Encouraging the participants to be big and bold, the Union Textile Minister Piyush Goyal on Friday in Mumbai said that we can shoot for a USD 200 billion industry in technical textiles.

While speaking at Technotex 2023, he 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.

The minister said that given the vast range of usage for technical textiles, this is the area of the future. I appeal to startups as well as large corporations to consider expanding rapidly in the technical textiles field. 

"Our share of the global market is about 2.5 per cent; I believe that the Indian market will grow faster than 12 per cent if we are able to showcase its purposes,” he said.

The minister exhorted the domestic industry to earn the trust of the world as a reliable supplier of technical textiles so that the market share of India can be significantly expanded.

Speaking of India’s G-20 Presidency, Goyal asked the technical textile industry and the textiles industry, in general, to capture the opportunities afforded by the G-20 meetings to find opportunities to do business with friendly countries. 

Asserting that the environment is conducive and positive, he underlined that what we need are focussed goals and actionable agenda. 

Speaking of the Rs 1,480 crore National Technical Textile Mission, the Goyal urged the industry and other stakeholders to examine what new research, new compounds, fabrics, composites and final products can be leveraged in order to capture the global market.

“We will be happy to offer all eight textile research associations and other government institutes to support any private sector initiative, to get high quality scientific rigour into your innovations and fast-track your proposals."