The Indian textile machinery industry is experiencing a tremendous growth, facilitated by the country鈥檚 booming textile and apparel market. Currently, the textile machinery industry plays an increasingly vital part in shifting India鈥檚 textile and apparel industry from labour-intensive production to a more advanced and industrialized sector. With growing demand of textile machinery in both domestic and international markets, the Indian textile machinery industry is expected to have a greater development in near future.
According the figures revealed by the Chairman of International Textile Machinery Exhibitions (ITME) Sanjiv Lathia, the Indian textile machinery industry witnessed a substantial growth of nearly 10% to Rs 22, 000 crores in 2014 from Rs 20,000 crores in 2013. While the size of India鈥檚 textile machinery industry is poised to reach Rs 35,000 crores or USD 5.4 billion by 2021. The Indian government has already listed the textile machinery manufacturing section as one of the important segments of the machinery manufacturing industry in the country, and will provide more support to the sector over the next few years.
Meanwhile, India鈥檚 textile and apparel industry is booming with expectation to reach total worth of USD 223 billion by 2021; India is expected to be a leading textile producing country in the world by 2020, and the domestic textile and apparel market in India is estimated to hit $154 billion by 2020, representing a 12% CAGR over the five-year period; Technical textiles in India is also showing a promising growth which is expected to grow fast at 18% CAGR. This growth is believed to further boost the demand and the output for textile machinery in India.
The spinning machinery segment is expected to be the fastest growing textile machinery segment in India over the next five years. Much of this segment鈥檚 growth can be attributed to the expansion of the country鈥檚 spinning machinery. High demand for cotton exports and the expansion of spinning machinery capacities will help India to maintain an increasingly high demand for spinning machinery over the next few years.
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