INDIA: Analysts place big bets on 'Indian Technical Textiles' market
The financial tsunami which started in 2008 is still sending shivers; worldwide. Due to this negative situation, it would be judicious, not to expect positive signals in business before 2010. With the shrinkage in the buying power of consumers, it is difficult for the industries to grow.
As far as the technical textile industry is concerned, it is fortunate enough to have an edge over other sectors as it includes the manufacture of indispensible items used in our day-to-day life such as medical textiles, hygiene products such as diapers etc. This provides an opportunity for textile industry to opt for diversification even in the current economic scenario.
Indian technical textile industry proves to be a sunrise sector. Analysts from the Government of India sponsored study by ICRA Management Consultancy predict the growth of this sector in double digits. Opportunities exist in the fields of fabric development, and their conversion into applicable products. In this harsh economy, it is not possible to invest millions of dollars in these technologies.
However, a concerted effort towards growing the value-adding segments of the technical textiles industry can offer scope for small investors, thereby resulting in a tangible growth in technical textile sector in the next couple years.
As this sector is very vast, it needs constant input of new information. Centers of Excellence should be utilized to promote the growth of technical textiles sector. For instance, MANTRA a part of centrally funded Center for Agrotextiles can be helpful in reaching entrepreneurs and training them in processes that are at their disposal, and multiple applications such as coated textiles for defense, antimicrobial treated bed liners for hospital applications etc.
Added: March 7, 2009 Source: Agencies