The chairman of the Federation of Indian Export Organisation (FIEO), A Sakthivel, announced that a textile cluster will be developed in Tamil Nadu, India. Various agencies are involved with this project to provide basic facilities, including R&D, for start-ups in the textile manufacturing industry.
Although very few companies are currently involved in the export of technical textiles, the potential in this emerging market is promising. India’s export performance data for January 2017 has been positive and has been for the last five months of the current fiscal after two years of continuous negative growth. Last year has seen the lowest growth rate in the sector, but the expectation worldwide for 2017 and 2018, and especially for emerging markets, is expected to improve greatly.
As prices of all products start to slide globally this downward trend could pose some added challenges for the product manufacturing sector in India. Exporters may have to look at product diversification to maintain a higher growth rate.