By Prerna Mishra: Healthcare sector is expected to bring immense growth opportunities for the enterprises engaged in technical textiles as the sector is expected to account for a major chunk of the consumption by 2016-17 from $409 million to $1 billion, as highlighted by the latest report on 'Apparel and Fashion Accessories Industry' released by IndiaMART Knowledge Services (IKS).
IndiaMART Knowledge Services (IKS) is an in-house research unit at IndiaMART.com.
At present, the healthcare sector stands at $40 billion and is pegged to cross the mark of $142 billion by 2020.
On the report launch, Dinesh Agarwal, Founder & CEO, IndiaMART.com said, “We have been closely working with SMEs for many years now. What compelled us to go ahead and create such a comprehensive industry report was the need for updated sectoral information and insights which could be useful to the SMEs. While working on the report, we were able to identify growth areas for SMEs, one of which is the technical textile segment. It has immense growth opportunities to offer to them as this industry is likely to grow to $31.4 billion. With such in-depth analysis, we hope SMEs in this sector find this report as a ready reckoner for their businesses. This will be followed by other such sector-specific reports.”
The IKS report incorporates noteworthy information on the apparel and textile industry available in studies by different organisations.
An exclusive analysis of apparel sector on IndiaMART.com marketplace has also been included in the report which primarily highlights the flourishing online business practice among SMEs in the sector. Additionally, the report also throws light on the current market trends and business sentiments amongst SMEs in the apparel sector.
In its efforts to provide debt relief and to give fillip to the ailing textiles sector, the government recently announced restructuring a debt of Rs 35,000 crore of textile firms on a case-to-case basis by individual banks. The decision was taken during a meeting of Textiles and Commerce and Industry Minister Anand Sharma with Finance Minister Pranab Mukherjee in New Delhi on May 29. The total outstanding debt of the textile sector stands at Rs 155,809 crore.