Indian TT Market poised for US$32bn by 2023: PHD Chamber

The factors that contribute to the growth of the industry are vertically integrated supply chain and diverse range of products.

July 05, 2014 3:26 IST | India Infoline News Service
Indias technical textiles market which currently is estimated at US$14bn is likely to reach a level of US$32bn by 2023, hitting a Compounded Annual Growth Rate (CAGR) of 9%, the way the domestic textiles industry is diversifying towards non-woven technical textiles with technological innovations and building global partnership with its counterparts, reveals a paper brought out by PHD Chamber of Commerce and Industry and Technopak on Opportunities and Challenges on Non-Woven Technical Textiles.
The paper released here today at a National Seminar on Non-Woven Technical Textiles: Opportunities & Challenges under the aegis of PHD Chamber, Ajay Shankar, Member Secretary, National Manufacturing Competitiveness Council (NMCC) with Anil Khaitan, Chairman, Industry Affairs Committee of the PHD Chamber further states that textiles and apparel industry size would balloon at US$226bn by 2023.
Currently, Indian textiles and apparel industry is estimated to be worth US$99bn which includes both domestic consumption and exports and is projected to grow at a CAGR of 8.6 per cent to reach US$226bn.
Textiles and apparel exports of India are expected to grow at a CAGR of 8.6 per cent from the estimated value of US$40bn at present to US$85bn in 2023, further points out the paper.
The factors that contribute to the growth of the industry are vertically integrated supply chain and diverse range of products.  In textiles and apparel exports of the country, the share of textiles (60%) is much higher than that of apparel of 40%.  Textiles and apparel sector contributes 5.2% of the countrys GDP.
Immediately after releasing the paper, the Member Secretary, NMCC pointed out that given the scope of the technical textiles in emerging economies, the Government of India and its industry needed to build a close partnership and roll out their joint vision for development and promotion of technical textiles now, setting targets for 2025.
Speaking on the occasion Khaitan said, Indias consumer spending is going through a fundamental shift.  The increase in per capita income, strong demand for better lifestyle and high disposable income have increased the per capital consumption in textiles and apparel market, benefiting the manufacturers.  The Indian technical textiles market has shown new trends due to the expansion of Indian market.

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