MATEXIL Chairman's Address: Navigating Global Challenges with Vision and Resilience

At the 71st Annual General Meeting of MATEXIL, Chairman Shaleen Toshniwal delivered a comprehensive address that reflected both the turbulence of the past year and the promising opportunities ahead for India's man-made fibre (MMF) and technical textiles sectors.

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India's Economic Momentum Amid Global Uncertainty

Toshniwal opened his address by acknowledging the resilience demonstrated by Indian exporters in navigating a complex global economic landscape. Despite worldwide uncertainties and supply chain disruptions, India has emerged as a beacon of stability and growth, maintaining robust GDP expansion of over 8% annually for the past three years, with 6.5% growth recorded in the year under review.

"Today, our nation shines as an epitome of resilience and opportunity," Toshniwal stated, highlighting transformative government initiatives including Atmanirbhar Bharat, the Production Linked Incentive (PLI) Scheme, PM MITRA, and the National Technical Textiles Mission (NTTM). These programs are paving the way toward the vision of Viksit Bharat—a $35 trillion economy by 2047.

India currently stands as the world's fourth-largest economy and is projected to become the third-largest by 2030 with an estimated GDP of $7.3 trillion. Real GDP growth is expected to accelerate to 7.8% in Q1 FY 2025-26, driven by strong domestic demand, easing inflation, and rising employment.

A Historic Breakthrough: India-UK Free Trade Agreement

One of the most significant developments highlighted by Toshniwal was the recently signed India-UK Free Trade Agreement, which he described as "a major positive step." The agreement grants zero-duty access to the UK market for both MMF and technical textiles.

The potential impact is substantial: India's MMF textile exports to the UK could surge from $218 million to $700 million, while technical textile exports may jump from $242 million to $900 million once the agreement is fully implemented.