Exploring Investment Opportunities in India's Booming Technical Textiles Sector

India's Booming Technical Textiles Sector

The Indian technical textiles industry is experiencing an unprecedented surge in growth, presenting lucrative investment opportunities in India for both domestic and international investors. According to the esteemed textiles secretary Rachna Shah, the sector is poised to reach an astounding $50 billion within the next five years, a remarkable leap from its current value of $22 billion. This surge in demand and expansion is a result of the country's unwavering commitment to research and development, focus on skilling, and collaboration with various governmental bodies to enhance the technical textiles landscape.

During a recent event jointly organised by FICCI, BIS, and the Ministry of Textiles, Secretary Rachna Shah highlighted the significant progress witnessed by the technical textiles segment both in India and on the global stage. Currently, the global technical textiles market stands at approximately $260 billion, and it is projected to further surge to a staggering $325 billion by 2025-26. India, with its current market size of $22 billion, is making tremendous strides and is determined to elevate it to an impressive $40-50 billion within the next five years.

To support the growth of the technical textiles sector, the Indian government has adopted a multifaceted approach. One of the crucial elements of this approach is the emphasis on research and development activities, covering a wide range of fibres and applications. By investing in cutting-edge technology and innovation, India is fostering a culture of excellence in technical textiles, making it an attractive destination for investments.

The government is also dedicated to establishing a well-structured skilling ecosystem to nurture a skilled workforce essential for the sector's expansion. By focusing on developing a proficient and knowledgeable talent pool, India is ensuring a sustainable growth trajectory in the technical textiles industry.

Secretary Rachna Shah revealed that the Ministry of Textiles is collaborating closely with various inter-ministries and departments within the government, as well as state governments, to increase the demand and penetration of technical textiles. By creating a robust network of collaborations, the Indian government is fostering an environment conducive to the sector's growth.

Technical textiles are highly specialized products with specific performance requirements. Thus, the Indian government is prioritizing the development of standards and regulations to ensure the quality and safety of these products. By adhering to stringent standards, India aims to bolster the trust of both domestic and international buyers in its technical textile offerings.

Mapping technical textiles with Harmonized System of Nomenclature (HSN) codes is an essential step taken by the government to streamline trade tracking. This mapping will help in effectively monitoring the trade of technical textiles and facilitate smoother transactions for investors and manufacturers alike.

The Ministry of Textiles has already notified two quality control orders (QCOs) for 31 technical textiles categories, including geotextiles and protective textiles, which will be effective from 7th October. Furthermore, draft QCOs for 28 additional items, such as Agro Textiles and Medical Textiles, have been posted on the WTO's website to invite feedback from industry stakeholders. This move reflects the government's commitment to maintaining the quality and standard of technical textiles.

Secretary Rachna Shah stressed the importance of a collaborative approach between certification agencies, industry players, and various government ministries to ensure the success of initiatives and foster continued growth in the technical textiles sector. Such collaborations will create a win-win situation for all stakeholders involved.

As India's technical textiles industry continues to witness remarkable growth, it presents an array of investment opportunities in India for astute investors. With the government's unwavering support, focus on research and development, and commitment to skill development, the sector is primed for exponential expansion. The future of technical textiles in India is bright, and for those looking to invest in a promising and dynamic industry, now is the opportune time to seize the moment.

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