A joint event organized by India’s Ministry of Textiles and the Federation of Indian Chambers of Commerce & Industry (FICCI) unveiled exciting prospects for the nation’s technical textiles sector, projecting its value to soar beyond expectations over the next five years. Government officials are now predicting that this thriving industry, currently valued at an estimated US$22 billion, will more than double its worth and potentially reach an astounding $50 billion by 2028.
The surge in this specialized textile segment is expected to send ripples of growth across various sectors and elevate India’s position in the global market. Technical textiles, which encompass a diverse range of high-performance fabrics designed for specialized applications, have already been gaining traction in India and around the world. With the latest projections, the industry is poised to become a major driver of economic development and employment opportunities.
India’s technical textiles industry is a crucial component of the broader textile and apparel market. In 2020, it contributed significantly, accounting for approximately 13% of the country’s total textile and apparel market and 0.7% of its Gross Domestic Product (GDP). This growth is a testament to the rapid advancements in technology and innovation, propelling India to the forefront of this cutting-edge field.
The optimistic forecast is underpinned by a strategic approach that includes increased government support, investment in research and development, and fostering collaboration between industry stakeholders. The concerted efforts of the Ministry of Textiles and FICCI have been instrumental in fostering an ecosystem that encourages the growth and development of technical textiles in India.
A key driver of this expansion is the diversification of applications for technical textiles. Once primarily used in industrial sectors, such as automotive, construction, and aerospace, these advanced fabrics are now permeating various domains, including healthcare, agriculture, sports, and even fashion. The versatility of technical textiles is driving demand and transforming industries by offering innovative solutions to modern challenges.
Moreover, India’s dynamic textile sector has been increasingly embracing sustainability and eco-conscious practices. With a growing emphasis on environmentally friendly and sustainable materials, the country is set to become a hub for eco-friendly technical textiles production. This shift aligns with the global drive towards greener practices and enhances India’s competitive edge in the international market.
The promising outlook for the technical textiles sector also holds immense potential for employment generation. The projected growth is anticipated to create numerous job opportunities across the value chain, from manufacturing and research to marketing and distribution. As India’s skilled workforce continues to expand, it is expected to contribute to the country’s economic progress and social development.
In conclusion, India’s technical textiles sector is on an impressive trajectory, set to surpass all expectations and achieve a staggering value of $50 billion by 2028. With strategic government support, technological advancements, and a growing emphasis on sustainability, this dynamic industry is destined to lead India towards greater economic prosperity and global prominence. As the world embraces the power of technical textiles, India is poised to make its mark as a trailblazer in this exciting and transformative field.