India's textile export remained flat at $40 billion in the last fiscal, as compared to $41.4 billion in 2014-15, Textiles Minister Santosh Kumar Gangwar has said.
"Despite poor market conditions, the textile industry did well as compared to other sectors on export front. Our textile exports remained at $40 billion in 2015-16," he told PTI after the inaugurating Technotex 2016 conference in Mumbai.India's textile export remained flat at $40 billion in the last fiscal, as compared to $41.4 billion in 2014-15, Textiles Minister Santosh Kumar#
India's textile and clothing export during last fiscal was lower than the target of $47.5 billion set by the government. According to industry experts the subdued trend in export was due to recessionary trend in Europe and the US markets.
While textile exports did not grow, Gangwar said that the country has a huge growth potential in the technical textile sector which is expected to expand at a high rate.
"This (technical textile) sector is still at its nascent stage but it has been recognised as the fastest growing segment of the textile sector by the government and industry stakeholders alike.
“Based on past trends of growth and estimated end user segment growth, the Working Group on Technical Textiles for 12th Five Year Plan has projected the market size to Rs 1.58 lakh crore ($ 28.82 billion) for the year 2016-17 with a growth rate of 20 per cent," the minister added.
Gangwar said Technotex exemplifies the immense potential for trade and investment between India and foreign countries in technical textile sector.
The 3-day exhibition and international conference Technotex 2016 has attracted over 150 exhibitors, looking to showcase a varied collection of technical textiles from the various sub sectors of the industry. (SH)
ALCHEMPro News Desk – India
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