Technical textiles industry is expected to grow at a rate of 20 per cent to reach Rs 1.58-lakh crore mark in the ongoing fiscal, a top Central Government official said today.
However, the segment’s potential remains largely untapped in India, the official added. “The government is taking growth of technical textiles on priority basis. The industry is expected to grow at 20 per cent to Rs 1,58,000 crore in FY17. Growing industrialisation, increasing access to medical care and huge infrastructure spending is expected to drive growth,” Textile Commissioner Kavita Gupta said here. Over the last couple of years, Indiahas been growing at a steady pace in the sector with perceptible signs of expansion being observed in a few specialised segments, she said this on the sidelines of TechtextilIndiaSymposium 2016 which began here today. The Centre is giving financial support for growth of the industry. It has already announced 15 per cent capital subsidy for investments in technical textiles under the Amended Technology Upgradation Fund Scheme, Gupta said.