The synthetic fibre industry in India is expected to note growth rate of 5-6 per cent CAGR over a period of 5 years. This has been stated by Rajen Udeshi, President, Association of Synthetic Fibre Industry (ASFI) while speaking to the reporters on the sidelines of the 11th Asian Chemical Fibre Industries Federation (AICIF) conference held in Mumbai, India,
He also cited that synthetic fibre industry has become larger or greater over a period of time and developed from 43 million tonnes (MT) in 2002 to 63 MT in 2017.
The country’s textile industry is estimated at US $ 130 million and aims to grow to US $ 300 million in next few years. Indian states of Maharashtra, Gujarat and Madhya Pradesh have provision of giving incentives for setting up synthetic fibre industries.
“India has a lot of scope. Industry needs to work hard and convert it into opportunities. High-quality fabric is the need of the hour,” Udeshi said, adding, “The industry also seeks support from the government for faster growth by providing fibre neutrality, removal of all exemptions in value chain and uniformity in duty structure.”