Annual export of technical textiles will cross $10 billion by 2030, said Giriraj Singh, Union Minister for Textiles on Friday, inaugurating a conference and exhibition on technical textiles in New Delhi, held by the Ministry of Textiles, the Federation of Indian Chambers of Commerce and Industry, and the Indian Technical Textiles Association.
He spoke of the increasing consumption and importance of man-made fibres (MMF) and technical textiles globally and locally.
The Government has launched the National Technical Textiles Mission and PLI Scheme for MMF, Apparel and Technical Textiles and has sanctioned 156 research projects under the Mission.
Union Minister of State for Textiles Pabitra Margherita said several State governments have taken initiatives to promote investments, including Foreign Direct Investment in technical textiles.
According to the Union Textiles Secretary Rachna Shah the global trade in technical textiles is around $300 billion, while India’s domestic market size is $25 billion and annual exports are worth $2.6 billion.
Joint Secretary Rajeev Saxena said Quality Control Orders were released for 57 technical textiles items, including fire retardant furniture fabrics, and 37 new Harmonised System Codes were introduced for technical textile products.
Published – September 06, 2024 08:49 pm IST
