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India Plans to Expand Technical Textiles Market to USD 40 Bn in 4-5 years, says Piyush Goyal

Union Minister Piyush Goyal stated on March 24 that India aspires to increase its technical textiles market from USD 22 billion to USD 40 billion in the next 4-5 years.

Shivam Dwivedi
India with its robust infrastructure growth, will be able to contribute significantly to an increased market potential in geotextiles & technical textiles
India with its robust infrastructure growth, will be able to contribute significantly to an increased market potential in geotextiles & technical textiles

In a virtual address to a geotextiles conference, the Textiles Minister expressed hope for a domestic technical textiles market worth up to USD 300 billion by 2047.

With a market value of almost USD 22 billion, India is currently the world's fifth largest manufacturer of technical textiles. Goyal emphasized the importance of improving productivity at the manufacturing and supply-chain levels in order to achieve these goals.

Technical textiles are functional fabrics used in a variety of industries such as automobiles, civil engineering and construction, agriculture, healthcare, industrial safety, personal protection, and so on.

"We will need to use economies of scale as well as concentrate on research and development to innovate and create appealing items that will become worldwide brands in the future. Strong inter-ministerial coordination is taking place for this purpose, which will pave the way for the development of the technical textiles market in India," he added.

Noting that global demand for geotextiles is also increasing, the minister expressed confidence that India, with its robust infrastructure growth, will be able to contribute significantly to an increased market potential in geotextiles and technical textiles.

"Today, India aspires to grow its technical textiles market to at least USD 40 billion over the next 4-5 years." "Although it is a massive task, we believe we can complete it if we all work together," Goyal added. The minister assured that the government is deeply committed to collaborating with all stakeholders to generate demand, strengthen research, develop new applications for technical textiles, and support startups in order to bring about innovation.

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