According to a study conducted by PHD Chamber of Commerce, country's technical textiles market which is currently estimated at $14 billion is likely to reach a level of $32 billion by 2023, by diversifying towards non-woven technical textiles and forging global partnerships with counterparts.
The study further states that textiles and apparel industry size would increase to $226 billion by 2023.
Currently, Indian textiles and apparel industry is estimated to be worth $99 billion which includes both domestic consumption and exports. It is projected to grow at a CAGR of 8.6 per cent to reach $226 billion.
Ajai Shankar, Member Secretary, National Manufacturing Competitiveness Council, said, "Given the scope of the technical textiles in emerging economies, the Government and industry need to build a close partnership and roll out their joint vision for development and promotion of the sector, setting targets for 2025."
The study cites vertically integrated supply chain and diverse range of products as the main factors expected to contribute to the growth of the industry.
In the textiles and apparel exports of the country, the share of textiles (60 per cent) is much higher than that of apparel, which is 40 per cent.