Technical textiles sector is one of the most innovative industries around the world, being used in almost all modern industries including automotive, healthcare, aeronautics, sports, etc.
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The only way for exporters to stay competitive is by improving productivity, differentiating product offerings and hedging exposures efficiently, opines Abhishek Goenka.
The production of the textile engineering industry (TEI) during 2016-17 recorded a nominal increase of 1 per cent to `6,650 crore as against `6,580 crore achieved during the previous year, mainly due the substantial increase in production of spinning machinery. Spinning machinery sector is expected to raise their production further during 2017-18.
Techtextil India, the premium international show for technical textiles and nonwovens, was successfully held recently in Mumbai. The mega event hosted over 175 companies from India, Austria, Belarus, China, France, Germany, Italy, Korea, Spain, Belgium and Switzerland.
CRISIL has trimmed its fiscal 2018 growth forecast for India by 40 basis points to 7 per cent from 7.4 per cent earlier, after data for the first quarter showed GDP growth at 5.7 per cent, the slowest in the past three years.
Indian textiles and clothing exports has been struggling during the last three years due to the absence of level playing field in the global market mainly because of high tariff rates in major markets and also non-refund of several taxes and levies.
The Odisha Government has decided to seek support from the World Bank to develop its textile, handloom and handicrafts sector.