The Indian government is focusing on its textiles and plastics industries that are already substantial contributors to both the country’s economy and to the world. Details of the performance of these industries and future prospects are some of this week’s featured stories on BizVibe, a B2B marketpalce that allows users to connect with over seven million companies around the globe.
The Indian textile and garment industry contributes almost 5 per cent to the $1.8 trillion Indian economy, and makes up 13 per cent of Indian exports. India is the second-largest exporter of textile and garment goods with a global trade share of approximately 5 per cent.
India’s technical textile industry is one of the fastest-growing sectors in the country that is expected to grow by over 20 per cent annually to reach $30 billion by 2020. Demand for technical textile products for medical, industrial, agricultural, and other uses is booming and India is one of the biggest technical textile markets in the world.
However, technical textiles in India are import-intensive products, which has led the Indian government to push new policies and strategies to shift industrial priorities. It has launched a scheme for promoting the usage of agro textiles in the Northeast region with an investment of over Rs 55 crores, while another scheme for promoting the sage of geotextiles with a financial outlay of Rs 427 crores is in the pipeline.