To promote technical textile sector, the Government plans to increase fund outlay for various schemes by over Rs. 700 crore during the 12th FiveYears Plan. The market size of technical textiles 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 an annual growth rate of 11 per cent. With proper policy support, promotional efforts and standardisation and regulation, the sector has the potential to reach Rs. 1.58 lakh crore by 2016-17.
The technical textiles 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. The export target set for the technical textile this year is US $ 50 billion this fiscal and the sector is exploring new markets like South America and Japan.
Under the 12th Five Years 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. To develop technical textile in the north eastern states, the Government has sanctioned Government support of Rs. 55 crore for geo textile and another Rs. 500 crore is under process.
