NEW DELHI – Indian government officials forecast that the value of the country’s technical textiles sector is set to more than double in the next five years and could be worth $50 billion by 2028.
The news comes after a meeting earlier this week at a joint event organised by India’s Ministry of Textiles and the Federation of Indian Chambers of Commerce & Industry (FICCI).
Currently, India’s technical textiles market is worth an estimated US$22 billion, and in 2020 it accounted for approximately 13% of India’s total textile and apparel market and 0.7% of India’s GDP (Gross Domestic Product).
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