According to chairman of Southern India Mills’ Association (SIMA), M. Senthil Kumar the Indian textile industry is expected to attract investments of Rs. 1 lakh crore ($14.74 bn) in technical textiles by 2025. He was speaking at a conference on technical textiles and non-wovens organised by Federation of Indian Chambers of Commerce and Industry in Coimbatore yesterday.
Kumar said of the twelve major technical textile items, packtech has the largest share with 42 per cent. The next in line are industrial textiles and home textiles each accounting for about 10 per cent.
Technical textiles is one of the fastest growing segments in the textile industry and has registered an annual compounded growth rate of 11 per cent. It has the potential to grow to 20 per cent. However, the production capacity is currently focused on commodity products and not on innovative ones. The industry should make investments in technology, especially in Tamil Nadu, to tap the potential in technical textiles.
According to a presentation made by an official of the Regional Office of the Textile Commissioner here, the technology mission on technical textiles launched in 2010 with an outlay of Rs. 200 crore ($.03 bn) was extended till the end of this financial year with an additional outlay of Rs. 55.2 crore($8.14 mn).
As per Raja M. Shanmugham, president of Tirupur Exporters’ Association, Tirupur aims to touch an annual turnover of Rs. 1 lakh crore ($14.74 bn) by 2020 from the current Rs. 36,000 crore ( $5.3bn) . Industries in Tirupur need to look at different products including technical textiles to achieve this target. The Central Government should establish centres of excellence in hubs such as Tirupur.
