Textiles Minister Smriti Irani at the national conclave on technical textiles in Mumbai on Tuesday. Photo/ANI
Textiles Minister Smriti Irani at the national conclave on technical textiles in Mumbai on Tuesday. Photo/ANI

Technical textiles sector estimated to grow to Rs 2 lakh crore by 2020-21

ANI | Updated: Jan 29, 2019 18:40 IST

Mumbai (Maharashtra) [India], Jan 29 (ANI): Technical textiles are a booming sector with a potential to grow to the size of Rs 2 lakh crore by 2020-21, Union Textiles Minister Smriti Irani said on Tuesday.
"For the first time in the history of India, we have dedicated to the nation 207 HSN codes for technical textiles. I see this as a function of unleashing the potential of not only technical textiles but also of an industry which impacts both our farm life and our space pursuits," she said at a national conclave jointly organised by the Ministry of Textiles and industry body FICCI.
"This decision alone can enable the sector to grow to a market size of Rs 2 lakh crore rupees by 2020-21," she said adding that job-giving potential of the technical textiles sector is huge. "Every Rs 1 crore investment generates 70 jobs," she said.
Irani said an innovation centre for technical textiles will be set up in the national capital next month with industry support.
To monitor the data of import and export and in order to provide the financial support to the technical textile sector, the first step was to recognise and notify separately the technical textiles items spread from Chapter 1 to 99 of HSN classification book.
In the absence of a clear classification of technical textiles, there was confusion and many genuine manufactures were not getting various incentives being allowed to technical textiles sector by the Central and the state governments.
Speaking about the potential of agricultural textiles, Irani said that it has been proven that the income of a farmer who uses agrotech goes up by 60 to 70 per cent. She said that the contribution of agro-tech is at the forefront of Prime Minister Narendra Modi’s desire to double farmers’ income.
The minister cited a McKinsey Global Institute report according to which application of agricultural technologies can help close to 90 million farmers by 2025. (ANI)

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