"The market size of technical textiles BSE 4.14 % in India is estimated to have grown to Rs 91,236 crore in 2013-14 from about Rs 42,000 crore in 2007-08, with a annual growth rate of 11 per cent," Minister of State for for Textiles Panabaka Lakshmi told.
"In order to continue building on this success, we are looking to increase the fund outlay for various schemes for the promotion of technical textiles to over Rs 700 crore during the 12th Five Year Plan period,
"she said. Based on the projected growth of this sector, employment in the technical textiles industry is estimated to grow at 13 per cent annually to 26 lakh by 2016-17. This sector provides enormous potential for growth as the global textile market has estimated to have reached Rs 7.48 lakh crore in FY13, at an annual growth rate of 3.5 per cent, she added.
"Even a high level committee on manufacturing, chaired by the prime minister, recognised the importance of technical textiles sector in the national economy as well as increasing production and exports in this sector," she pointed out. The export target set for the technical textile this year is USD 50 billion this fiscal, she said adding that the sector is exploring new markets like South America and Japan. Under the 12th Five Year Plan, Rs 11,952 crore has been sanctioned for the overall development of the textile sector, of which Rs 2,400 will be given this financial year, she said.