“We expect investment of Rs 5,000 crore (in technical textiles sector) and employment, which is approximately nine lakh at present, to increase to 12 lakh, by 2012,” Textiles Minister Dayanidhi Maran said at Technotex-2009, a function jointly organised by the ministry and FICCI.
Maran added saying that domestic market size of technical textiles in the country is expected to grow at the rate of 11 per cent per annum.
Unlike conventional textiles, which are highly export intensive, these are import intensive and are mostly used by industrial houses for various purposes.
However, India’s contribution in the over USD 125 billion global market is insignificant. The industry is about Rs 37,115 crore at the moment.
Speaking at the function, Minister of State for Textiles Panabaaka Lakshmi said, with the government thrust on the infrastructure sector, the technical textiles industry holds immense potential. On the occasion, Maran also launched the website www.Technotex.Gov.In’.
Considering the government’s plans to invest heavily in core areas in the coming years, Lakshmi said, “To appraise various consumers, especially in the public sector about the applications of technical textiles and their benefits, the ministry in partnership with industry chamber FICCI will be organising series of workshops.”
The government has already initiated action for the growth and development of technical textiles. All the technical textiles machinery is covered under the Technology Upgradation Fund Scheme which are eligible for five per cent interest reimbursement, she said.
Also, specified machinery manufacturing of technical textiles are covered under 10 per cent capital subsidy.
Maran added saying that domestic market size of technical textiles in the country is expected to grow at the rate of 11 per cent per annum.
Unlike conventional textiles, which are highly export intensive, these are import intensive and are mostly used by industrial houses for various purposes.
However, India’s contribution in the over USD 125 billion global market is insignificant. The industry is about Rs 37,115 crore at the moment.
Speaking at the function, Minister of State for Textiles Panabaaka Lakshmi said, with the government thrust on the infrastructure sector, the technical textiles industry holds immense potential. On the occasion, Maran also launched the website www.Technotex.Gov.In’.
Considering the government’s plans to invest heavily in core areas in the coming years, Lakshmi said, “To appraise various consumers, especially in the public sector about the applications of technical textiles and their benefits, the ministry in partnership with industry chamber FICCI will be organising series of workshops.”
The government has already initiated action for the growth and development of technical textiles. All the technical textiles machinery is covered under the Technology Upgradation Fund Scheme which are eligible for five per cent interest reimbursement, she said.
Also, specified machinery manufacturing of technical textiles are covered under 10 per cent capital subsidy.
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