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Wednesday, October 23, 2013
Technical textile industry to reach $36 billion by 2016-17
[Editor:The Indian textile and apparel industry started to tread a high growth path after the of abolition of quota regime, which helped the industry to shift the manufacturing focus towards Asian countries; known to have strong raw material base and abundant cheap labour. The size of the Indian textile industry and apparel industry is expected to reach US$ 221 billion by 2021 from $52 billion in fiscal 2007. SEL Manufacturing Company Ltd (Rs.3.80) is vertically integrated multi-product textile company, manufacturing various kinds of Knitted Garments, Terry Towels, Knitted & Processed Fabric and various kind of Yarn with production facilities located at Ludhiana and NawanSheher in Punjab, Baddi in Himachal Pradesh and Sehore in Madhya Pradesh. SEL Manufacturing is setting up a huge technical textile manufacturing facility with a daily capacity of 90 tonne with an investment of Rs. 611.67 crore. Technical textiles are materials manufactured primarily for technical performance and functional properties. Since the product is highly specialised, it commands a higher margin. SEL,a 100% export-oriented garment producer, is expected to get a huge benefit due to deprecation of the INR Vs USD. CLICK HERE.]
MUMBAI: India's technical textile industry is expected to grow at a rate of 20 per cent annually to touch $ 36 billion by 2016-17, according to experts.
"Technical textile is an important part of the overall textile sector in India. Not only has it grown at an annual rate of 11 per cent during 2006-11, but is also estimated to expand at a rate of 20 per cent to reach $ 36 billion by 2016-17," Messe Frankfurt Trade Fairs India Managing Director Raj Manek told reporters here today.
Technical textiles are products manufactured primarily for their technical performance and functional properties rather than aesthetic and decorative characteristics.
The technical textile industry in India, whose current size is estimated at $ 17 billion, is seen as the next hub for both manufacturing and consumption, he said.
India is seen as a key growth market for the sector, given the sheer size of its population. Cost-effectiveness, durability and versatility have made technical textile popular in the domestic market; and with the discovery of new applications every day, the growth of the industry is only expected to amplify, Manek added.
He was speaking on the sidelines of 'Techtextil India 2013', a conference on technical textile. Its 4th edition opened here today and witnessed participation from over 182 exhibitors from Austria, India, Turkey, Sweden, Switzerland, Czech Republic, Netherlands, UK and US, among others.
At the two-day event, the participants presented the newest products, services and technologies available in the sector.
A symposium organised tomorrow will provide industry leaders, scholars, government representatives and professionals opportunities for dissemination and exchange of ideas related to the industry.