The Indian government is predicting an increase in demand for technical textile products as more people in India have disposable income, a release in Technical Textiles reported.
“For the past four years, the [Indian textiles] sector has been growing at a CAGR of 12 percent. For the next four, it is estimated to grow at a CAGR of 20 percent. . . . We want domestic and foreign investors to invest in this sector,” said textile commissioner Kavita Gupta at a road show in Ahmedabad.
The road show was held to promote Technotex 2018, an international exhibition and conference on technical textiles, to be held June 28–29, 2018, in Mumbai. Technotex displays will focus on textiles for the medical, mobile, industrial, home, packaging, protective, sport, clothing and construction sectors, as well as agri-, geo- and ecotextiles.
The government is providing incentives of around 15 percent on capital investments in the technical textiles sector, and it is expecting industrialists from Gujarat to take the lead in accelerating the growth of this sector, Gupta said.