Indian economy is expected to grow at a rate of 7.5-8 per cent during 2010-12. The Asian Development Bank (ADB) emphasizes the importance of domestic consumption and infrastructural investments on the growth of Indian economy, meaning more opportunities for the technical textiles industry. The current value of the Indian technical textiles sector is around $8 billion, which means, India's technical textiles sector has to nearly double in size in years ahead. There is an immediate need for the converting sector in India. Due to the growing domestic consumption and increase in wages, the need for consumer products at affordable rates will rise. International NWTT industry, machinery makers and trade bodies should look for win-win opportunities in the creation of converting clusters. The Government sponsored market survey by the ICRA consultancy is forecasting a growth of 11 per cent per annum.
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|Published - Aug 2010