COIMBATORE: India's technical textile market may reach Rs 1.58-lakh crore by 2016-17 as it rose Rs 57,000 crore during fiscal 2011-12 as compared to Rs 42,000 crore in financial year 2007-08.
Industrial textiles, which made 8% contribution to the overall technical textile market, rose by 11% from Rs 3,200 crore during 2007-08 to Rs 4,892 crore in 2011-12. It is likely to double to Rs 11,191 crore in 2016-17, said Ministry of Textiles Joint Secretary Sujit Gulati and Textile Commissioner A B Joshi.
Gulati stated that the ministry has established eight Centres of Excellence for the promotion of technical and industrial textiles such as non-woven, composite, sportech and products like conveyor belts which enjoys strong growth potential both in domestic and global markets.
Nilambur will get a Centre of Excellence at Rs 49-crore investment.
Recently, Centre unveiled national certification standards for organic textiles with the target to strengthen demand in key markets, comprising of Europe and Japan.
The Indian Standards for Organic Textiles (ISOT), which have been unveiled by Commerce, Industry and Textiles Minister Anand Sharma, would also be included under the National Programme for Organic Productions (NPOP).