India To Take Technical Textiles Market To $40 Bn In 4-5 years: Goyal
India is aspiring to take its technical textiles market to USD 40 billion in the next 4-5 years, said Piyush Goyal, Union Commerce Minister on Friday.
While virtually addressing a national conference on geotextiles, he said that while it is a huge task, we believe we can achieve it provided we all work together.
He said that India will need to focus a lot on improving its productivity at the manufacturing and supply chain levels.
"We like to introduce economies of scale and also work on research and development to innovate and come up with attractive new products which are in the future going to become global plans,” the minister said.
India is the fifth largest producer of technical textiles in the whole world with a market size of nearly USD 22 billion, which we hope to build up to USD 300 billion when we turn 100 by 2047.
Stressing on the increasing global demand for geotextiles, Goyal said that significant contributions will be made to increase market potential in the geotextiles and technical textile sector.
"Thus, considering the growth of the sector, substantial efforts have been made to proactively address the challenges of this industry and facilitate the creation of an enabling environment," he said.
Goyal said that this will also expand our own investments in infrastructure and create a bigger market for use of geotextiles in the years to come.
He added, "These geotextiles will be used in roads, bridges, highways, railways, airports, ports, and help us in improving the quality and increasing the lifespan of such infrastructure significantly."
