"We expect investment of Rs 5,000 crore (in technical textiles sector) and employment, which is approximately nine lakh at present, to increase to 12 lakh, by 2012," Textiles Minister Dayanidhi Maran said at Technotex-2009, a function jointly organised by the ministry and Ficci.
Maran added saying that domestic market size of technical textiles in the country is expected to grow at the rate of 11 per cent per annum.
Unlike conventional textiles, which are highly export intensive, these are import intensive and are mostly used by industrial houses for various purposes.
However, India's contribution in the over $125 billion global market is insignificant. The industry is about Rs 37,115 crore (Rs 371.15 billion) at the moment.
Speaking at the function, Minister of State for Textiles Panabaaka Lakshmi said, with the government thrust on the infrastructure sector, the technical textiles industry holds immense potential.