New Delhi, Aug 25 (IANS): The Indian technical textiles industry is projected to grow to Rs.1.4 trillion ($31.4 billion) by 2016-17, with healthcare and infrastructure sectors accounting for a major chunk of the consumption, according to a research paper released Thursday.
Currently, the technical textiles industry market was estimated at Rs.570 billion ($12.67 billion) in 2010-11, said the FICCI-Wazir Advisors-Ernst & Young Knowledge joint paper.
Technical textiles are specialised textile products having varied industrial applications.
"With an improving economy and social scenario in India, a number of enabling factors are expected to positively impact the market for technical textiles. The growth drivers are emerging at both the supply and demand sides and include government support, increased investor interest because of the large untapped market," said a FICCI statement.
Introduction of regulatory norms, India's inherent advantage as a manufacturing base and increase in retail and industrial consumption will also help the growth of the industry, said the report.
"The way forward to ensure development of the sector lies in promoting international partnerships, training, implementation of policy support, focusing on product innovation, promoting awareness creation programmes and pursuing regulations and standardization of technical textile usage," said the report.
"Two of the most important sectors where technical textile products have the potential of being used in significant volumes are healthcare and infrastructure. It is expected that technical textiles will be increasingly used in both these sectors either due to increase in awareness or government regulations," it added.
The Indian healthcare industry is currently estimated at Rs.2.25 trillion, and is expected to grow at 14 percent till 2020, to reach a size of Rs.8 trillion.
In this sector, the usage of technical textiles is worth around Rs.23 billion. It is expected that by 2016-17, this will grow to about Rs.46 billion.
Infrastructure is one of the key focus areas of the government. The expenditure on infrastructure is set to grow to nearly $456 billion representing 7.5 percent of gross domestic product in the eleventh five year plan ending March 2012 and is expected to cross the $1 trillion-mark in the twelfth five year plan.
As a result, use of technical textiles in this sector would increase substantially, the report said.