The Union Minister of State for Textiles Panabaka Lakshmi today launched TECHNOTEX-2014: International Exhibition and Conference at a ‘Curtain Raiser Ceremony’ in Mumbai. TECHNOTEX – 2014 will be held from March 20-22, 2014 at the Bombay Exhibition Centre, Goregaon, Mumbai. The exhibition and conference is organized by the Federation of Indian Chambers of Industry and Commerce (FICCI) , supported by the Ministry of Textiles.
Speaking on the occasion, Lakshmi said technical textiles industry in India is still in its nascent stage, but offers huge growth potential. She said that “even the high level committee on manufacturing, chaired by the Prime Minister, has recognized the importance of technical textile sector in the national economy, as well as the potential for increasing production and exports in the sector.”
The market size of technical textiles in India has steadily grown from about Rs 420 billion in 2007-08 to Rs. 912.36 billion in 2013-14 at a CAGR of about 11%. “With proper policy support, promotional efforts, and standardization and regulation, the sector has the potential to reach Rs. 1580 billion by the year 2016-17 at an anticipated year-on-year growth rate of 20% during the 12th Five Year Plan,” observed the Minister.
She further added that while government efforts have been significant in promoting this sector, private industry participation and investment, which is one of the major objectives of TECHNOTEX – 2014, will provide the necessary impetus for the growth of this sector in India.
The third edition of TECHNOTEX, organized by FICCI in collaboration with the Ministry of Textiles, Government of India, is expected to see large participation of industry leaders, exporters and policy makers to identify new business opportunities and find innovative solution.