The government aims to nullify the sector's trade deficit by the next year.
After Finance Minister Nirmala Sitharaman proposed to set up a National Technical Textiles Mission with a four-year implementation period from FY21 to FY24 in Budget 2020, the Cabinet has approved the total outlay of Rs 1,480 crore today. In her Budget speech, Nirmala Sitharaman had said that India imports a significant quantity of technical textiles worth USD 16 billion every year. The move will position the country as a global leader in technical textiles, said Union Minister for Textiles, Smriti Irani. 207 technical textile items have been standardised with HSN code and after making such HSN codes in January 2019, the trade deficit in the sector dropped from Rs 2,780 crore to Rs 2,700 crore in only nine months, Smriti Irani further added. The government further aims to nullify this trade deficit by the next year.
Technical Textiles are textiles material and products manufactured primarily for their technical properties and functional requirements rather than for aesthetic characteristics. The scope of use of technical textiles encompasses a wide range of applications such as; agro-textiles, medical textiles, geo-textiles, protection-textiles, industrial-textiles, sports-textiles, and many other usages.
#Cabinet Committee on Economic Affairs approves setting up a National Technical Textiles Mission with a total outlay of Rs 1480 Crore. This will position the country as a global leader in Technical Textiles: Union Minister @smritiirani
@TexMinIndia #CabinetDecisions pic.twitter.com/w4c004BWo9
— PIB India (@PIB_India) February 26, 2020
In terms of the projections of the last baseline survey on technical textiles submitted in 2015, the market size in India for the year 2017-18 is projected as Rs 1.16 lakh crore. “Although, there is no projection in the last baseline study with regard to the projections for 2020-21, taking into account the current trend of growth and the various initiatives of the government, the domestic market size of the technical textiles is expected to cross Rs 2 lakh crores by the year 2020-21,” Smriti Irani had said in a reply to a question in Rajya Sabha in December 2019.