With industrialisation, surging consumption of textiles in engineered products and rising awareness about the benefits of using textile chemicals, the market in India is projected to cross $2.5 billion by 2021. Apart from this, rising disposable income and increasing living standards are expected to significantly augment demand for textile chemicals in India in the next five years.
With the upcoming GST bill, the positive impacts of GST on overall economic growth in the next few years this would make the manufacturing sector more competitive. As far as textile sector is concerned, being an essential item for the common man, textile items should be kept under GST with the minimum possible tax slab and special rates.