Industry Updates

By 2047, the Indian technical textile industry could target a $200 billion market. Inder Piyush Goyal

Published: April 24, 2023
Author: Fashion Value Chain

-By Mansi Suryawanshi

The time is right for us to think about growth, a scale, and speed, according to Union Minister for Textiles Piyush Goyal. India wants to be a member of supply networks that are dependable. Seize the chance to benefit from India’s potential impact on the global economy. 

By 2047, the technical textile industry should be worth between $100 and 125 billion dollars,” Goyal said during the 10th Techotex’23, which was hosted by the Ministry of Textiles, the Government of India, and FI CCI. We can aim for $200 billion if we go more quickly. The Indian technological textile market will grow by more than 10-12% if we can show how they can be used for other things, he concluded.

According to the minister, technical textiles are the industry of the future given the wide range of applications for them. We hold 2.5% portion of the worldwide market, but if we can highlight the benefits of the Indian market, I think it will expand more quickly than 12%. The goal for India is to join the ranks of other nations as a major player in the global supply chain, something that has never been done before. To realize our economic potential and the aspirations of our young population, we must link our economy with that of other industrialized nations. 

He referred to the Prime Minister’s 5-F Principle of Farm to Fiber to Factory to Fashion to Foreign as the industry’s future direction while highlighting the G20 Presidency Opportunity. The minister emphasized the Rs. 1,480 billion National Technical Textile Mission and urged the sector and other stakeholders to consider how new research, new compounds, fabrics, composites, and finished goods can be used to gain market share globally. He also offered the support of all eight Textile Research Associations and other government institutions for any private sector initiative that would bring high-quality scientific rigor to your innovations and expedite their proposals.  

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