: Focus on scale, quality, speed & higher volume to capture global textile market: Union Minister Piyush Goyal #FinanceIndia #StockMarketNEWS Focus on scale, quality, speed & higher volume to capture

@StockMarketNEWS Mon 27 Feb, 2023

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Focus on scale, quality, speed & higher volume to capture global textile market: Union Minister Piyush Goyal #FinanceIndia #StockMarketNEWS
Focus on scale, quality, speed & higher volume to capture global textile market: Union Minister Piyush Goyal Mumbai, Feb 24 (KNN) The Indian textile industry should focus on scale, quality, speed and higher volume to capture world market, said Piyush Goyal, Union Minister for Textiles, Commerce and Industry on Friday.

Addressing the 10th edition of the International Exhibition and Conference on Technical Textiles ‘Technotex 2023’, in Mumbai, the textiles minister said “It is time we started looking at scale and more composite plants, to use more modern technology, thereby also enabling us to meet the needs of large corporate buyers across the world.

He said that given the vast range of usage for technical textiles, this is the area of the future. “I appeal to start-ups as well as large corporations to consider expanding rapidly in this field.

“Our share of the global market is about 2.5 per cent; I believe that the Indian market will grow faster than 12 per cent if we are able to showcase its purposes,” he said, adding that Technical textiles are going to be used increasingly in ocean ships and in the airline industry as well.

Speaking of India’s G20 Presidency, the Minister asked the technical textile industry and the textiles industry in general to capture the opportunities afforded by the G20 meetings to find opportunities to do business with friendly countries.

The Minister pointed out that more webinars, seminars and conferences with technical people from different user sectors should be held, where the textiles industry can showcase the various applications of technical textiles.

At the event, Goyal also released a Knowledge Report on global best practices in technical textiles on the occasion. A set of seven BIS Standards for technical textiles was also released.

The Minister also released the Exhibitors’ Catalogue, showcasing the products presented by the Technotex exhibition. (KNN Bureau)