Business

Indian Techtex To Achieve CAGR Of 20% In 2020-21

Indian technical textile industry is estimated to grow at a CAGR of 20% to reach US$ 28.7 billion by 2020-21 from US$ 16.6 billion in 2017-18. [caption id="attachment_17850" align="alignleft" width="200"] Shujaul Rehma[/caption] According to Shujaul Rehman, CEO, Garware Technical Fibres Ltd., “The growth can be attributed to factors such as growing awareness about the benefits of using technical textile products, improving the product experience and bringing out environment-friendly products.” “Technical textiles is one of the most versatile sectors in India. Such versatility is presumed to complement the industry owing to wide acceptance of the product across multiple industries,” he stated. The industry players are constantly investing in R&D to develop innovative and novel products. “At GTFL, our ever increasing portfolio of innovative solutions are adding immense value to our customers.” “In the year gone by, overall the growth of technical textiles was muted given the broader macro-economic conditions. However, I feel that the next year is bound to see the sector back in its growth trajectory spurred by an uptick in demand and innovation,” he believes.