India targets $300 bn domestic technical textiles market by 2047: Union Minister Piyush Goyal

New Delhi, Mar 25 (KNN) Union Minister Piyush Goyal on Friday said that India aims to build a domestic technical textiles market of up to USD 300 billion by 2047.

Addressing a conference on geotextiles virtually, he said, “We are also aspiring to take its technical textiles market to USD 40 billion in the next 4-5 years from USD 22 billion at present. 

At present, India is the fifth largest producer of technical textiles with a market size of nearly USD 22 billion.

“We will have to introduce economies of scale and also have to work on research and development to innovate and come up with attractive products which are in the future going to become global brands,” he said.

Goyal added that for this purpose, robust inter-ministerial coordination is happening which will pave the way for the development of the technical textiles market in India.

Pointing out that global demand for geotextiles is also growing strongly, the minister expressed confidence that on the back of robust growth in infrastructure being created in India, the country will be able to contribute significantly to an increased market potential in geotextiles and technical textiles.  (KNN Bureau)