India is rising and moving ahead with opportunities in every sector. For the past four years India’s GDP has grown up to 8%, and is assumed to remain consistent at 8-9% for coming years. According to Goldman Sachs, India’s economy will exceed the economy of Europe and Japan by 2030 and that of the US by 2045.Such a growth is possible because of the increase in household incomes and the predicted growth in agriculture, manufacturing and service sectors. Also the consumer spending level is growing over 5% per annum which has resulted in the on-going growth of organized retail sectors.
Talking about the technical textile industry in India, it is said to be its initial stage as it contributes only 3% of total consumption. But, it would be wrong to say that India’s technical textile industry is still sleeping. It has woken up to the enormous potential of the technical textile sector and is predicted to grow faster in next two decades than the growth withstand by US and Europe in last three decades. This is said to become possible with the growing middle class, young and educated population. And Technical Textile would be one of the most promising sectors in this growth.
And the factors like, the global economic change, strong government support, the introduction of appropriate legislation, the development of tests and standards, and widespread recognition of the need for more trained personnel, etc. also playing the valuable role in driving the industry to the farthest destination. Thus it won’t be wrong to say that, “Technical Textiles in India- A sleeping volcano prepares to erupt.”
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