These advancements are expected to drive innovation in crucial sectors, from healthcare to industrial applications, ultimately contributing to India’s vision of technology-driven manufacturing.
Strengthening Academic Infrastructure
In addition to startup funding, the EPC has allocated ₹6.4 crore to IIT Guwahati. This grant will enhance the institution's Civil Engineering Department by introducing new subjects in technical textiles and upgrading laboratory infrastructure, fostering academic research and innovation in the field.
A Growing Market with Global Aspirations
Launched in 2020, the NTTM was designed to position India as a leader in technical textiles by promoting research, innovation, and widespread adoption. The Indian technical textiles market is currently the 5th largest globally, valued at $21.95 billion in 2021-22, with production worth $19.49 billion. The sector has experienced consistent annual growth of 8-10% over the past five years, and the government aims to accelerate this to 15-20% in the next five years.
Globally, the technical textiles market was valued at $212 billion in 2022 and is projected to reach $274 billion by 2027, growing at a CAGR of 5.2%. India's focus on startups and innovation is set to play a significant role in capturing a larger share of this burgeoning market.
Expert Opinions and the Road Ahead
Rahul Ahluwalia, co-founder of the Foundation for Economic Development, emphasized the need to boost India’s synthetics ecosystem alongside technical textiles. “The synthetics ecosystem in India needs a big boost in both textile and apparel. Startups have a role to play, but the government will also need to focus on big investors that can bring scale to synthetics,” he noted.
With continued investment in innovation, research, and infrastructure, India’s technical textiles industry is poised for a remarkable transformation, charting a course toward sustainable growth and global leadership.
