India all set to weave technical textile story with largescale investments

  • IANS
  • Stock Market News
India all set to weave technical textile story with largescale investments

New Delhi, March 28 (IANS) Textile industry has been the focus area of Prime Minister Narendra Modi-led government for quite some time now. The industry accounts for 4 per cent of India's gross domestic products (GDP) and is crucial for earning foreign exchange. The Indian government has also taken several initiatives to encourage the rapid growth of the country's technical textiles sector.

Even before the National Technical Textiles Mission, the central government began to promote this sector. In accordance with this, 207 technical textile products were assigned the Harmonized System of Nomenclature (HSN) code in 2019 under the Foreign Trade Policy.

To promote the use of technical textiles in various fields, 92 areas have been identified under 10 central ministries where the use of technical textiles is mandatory. The Bureau of Indian Standards has established standards for 377 technical textile products. The Ministry of Textiles also added six new courses to the Samarth scheme, which is run by the Ministry. With this in mind, the National Technical Textiles Mission was launched in 2020, taking into account the enormous potential.

At the moment, it contributes approximately 14 per cent to industrial production and approximately 13.5 per cent to foreign income. It accounts for 13.5 per cent of India's exports, and it is the second largest employment provider after agriculture.

Over the last four decades, this industry has grown at a 3 to 4 per cent annual rate. However, as a result of focusing on this sector over the last seven years, its annual growth rate has increased to around 8-9 per cent. Technical textiles, or textiles used in a variety of industries such as automobiles, civil engineering, construction, agriculture, health care, and industrial safety, are an important component of the textile industry.

The National Technical Textiles Mission was adopted by the central government to establish India as a global leader in technical textiles over a four-year period (from 2020-21 to 2023-24) at a cost of Rs 1,480 crore. According to Piyush Goyal, Union Minister of Textiles, "The growth of technical textiles in India has gained momentum in the last 5 years, and it is currently growing at an annual rate of 8 per cent." We intend to increase this growth rate to 15-20 per cent over the next five years.

On January 17, the Union Ministry of Textiles approved 20 important research projects in the areas of special fibres and geotextiles worth Rs 30 crore under the National Technical Textiles Mission. Sixteen of the 20 research projects are in the special fibre sector, including five in the health care sector, four in the industrial and defence sectors, three in energy storage, three in textile waste recycling, and one in agriculture. The remaining four projects are all geotextile- related. Eleven research projects worth Rs 78 crore and 60 lakh were approved in March of last year.

At present, the government is actively working to promote the development of technical textiles in India. To that end, the government has launched several initiatives, including the Scheme for the Growth and Development of Technical Textiles, the Technology Mission on Technical Textiles, and the Scheme for Promoting the Use of Agro-Textiles in the North East Region.

With the Scheme for Promotion of Use of Geotechnical Fabrics, the Technology Upgradation Fund Scheme, and the Scheme for Integrated Textile Parks, the Production Promotion Scheme (PU) has opened new doors in the textile industry sector. The PLI scheme now includes the technical textiles sector.

After China, India is the only country in the world that has every type of synthetic and natural fibre available. India can strengthen its position in the domestic and international markets due to the availability of raw materials for technical textiles.

Manufacturing infrastructure is readily available in India, which has vital resources such as land, electricity, water, manpower, and a favorable regulatory framework for industries. Technical textile manufacturing is a simple process that can be combined with an appealing and growing market to increase demand.

--IANS

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles