Addressing a press conference on Cabinet decisions, Union textiles minister Smriti Irani said the target of the mission is to nullify the burden of technical textiles segment on India's trade deficit within the next one year.
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved setting up of a National Technical Textiles Mission with a total outlay of Rs 1,480 crore. The move is aimed at increasing exports in this ‘futuristic and niche’ segment by over a third to Rs 20,000 crore by 2021-22, and expanding the domestic market size for technical textiles nearly three fold to $40-50 billion by 2024.
Technical textiles are used in various applications in agriculture, roads, railway tracks and sportswear on one hand, and in bullet-proof jackets, high-altitude combat gear and space application on the other, the government said in a statement.
“The mission will aim at an average growth rate of 15-20% per annum, taking the level of domestic market size to $40-50 billion by 2024 through market development, market promotion, international technical collaborations, investment promotions and ‘Make in India’ initiatives,” the statement said. The mission, which will have a four-year implementation period from FY20-21 to FY23-24, envisages a 10% average growth in exports up to 2023-24.
In India, the segment is estimated at $16 billion (about Rs 1.14 lakh crore) which is approximately 6% of the $250-billion (about Rs 17.75 lakh crore) global technical textiles market. The penetration level of technical textiles is low in India, varying between 5% and 10%, against the level of 30-70% in developed countries, the government said. It added that the mission will include an export promotion council for technical textiles for effective coordination and promotion activities in the segment.
Addressing a press conference on Cabinet decisions, Union textiles minister Smriti Irani said the target of the mission is to nullify the burden of technical textiles segment on India’s trade deficit within the next one year. She said the industry has on several occasions in the past raised demands for a technical textiles mission.
Additionally, the Cabinet approved exemption of India Ports Global from the Department of Public Enterprises guidelines for smooth execution of the Chabahar Port project. It also cleared a Bill to confer the status of institution of national importance to two national institutes of food technology in Haryana and Tamil Nadu.
Further, the Cabinet gave its approval to the Surrogacy (Regulation) Bill after incorporating recommendations of a Rajya Sabha select committee. A parliamentary panel had recommended that not only close relatives but any woman who is “willing” should be allowed to act as a surrogate.
Union minister Prakash Javadekar said the Cabinet allowed for adoption of central laws in concurrent list for the Union Territory of Jammu and Kashmir. Last August, the Centre announced abrogation of Article 370 and bifurcated the state into two UTs.