LONDON--(EON: Enhanced Online News)--The Indian government is focusing on its textiles and plastics industries, which are already substantial contributors to both the country’s economy and to the world. Details on these industries’ performance and future prospects are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to connect with over seven million companies around the globe.
Indian textiles and apparel industry to reach USD 223 billion by 2021
The potential size of the Indian textiles and apparel industry is expected to reach USD 223 billion by 2021. This sector contributes about 14% to industrial production, 4% to the gross domestic product (GDP), and 27% to the country’s foreign exchange inflows. It also provides direct employment to over 45 million people, and is the second-largest provider of employment after agriculture.
The Indian textile and garment industry contributes almost 5% to the USD 1.8 trillion Indian economy, and makes up 13% of Indian exports. India is the second-largest exporter of textile and garment goods with a global trade share of approximately 5%.
India sets technical textiles as industrial top priority
India’s technical textile industry is one of the fastest-growing sectors in the country, and is expected to grow by over 20% annually to reach USD 30 billion by 2020. Demand for technical textile products for medical, industrial, agricultural, and other uses is booming, and India is one of the biggest technical textile markets in the world, with its textile sector projected to reach USD 26 billion by 2017.
However, technical textiles in India are import-intensive products, which has led the Indian government to push new policies and strategies to shift industrial priorities. It has launched the Scheme for Promoting the Usage of Agrotextiles in North East Region with an investment of over INR 55 crores, while another Scheme for Promoting the Usage of Geotextiles with a financial outlay of INR 427 crores is in the pipeline.
Indian plastics industry to reach USD 25 billion by 2017
India is one of the world’s top exporters of plastics products, with the plastics market being one of the leading sectors in the country’s economy. The growth rate of the Indian plastics industry is among the highest in the world, and it has risen by 13% annually over the last five years. This is expected to continue in 2016-17, when the industry is likely to reach around USD 25 billion.
Polymers is one of the fastest-growing segments, and is expected to increase by 8-12% annually through 2020. India’s plastics industry believes the market will more than double its polymer consumption by 2020, reaching 20 million metric tons.
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