Don’t miss the latest developments in business and finance.

Time to target 5 times rise in export of technical textiles in 3 yrs: Goyal

Union Commerce Minister Piyush Goyal on Friday said that the time has come to target a five times increase in the export of technical textiles in three years.

Commerce and Industry Minister Piyush Goyal
Commerce and Industry Minister Piyush Goyal
ANI General News
3 min read Last Updated : Nov 05 2021 | 10:56 PM IST

Union Commerce Minister Piyush Goyal on Friday said that the time has come to target a five times increase in the export of technical textiles in three years.

The minister was speaking to representatives of the Indian Technical Textile Association ( ITTA) in Delhi.

"Centre would support Production Linked Incentives (PLIs) for the textile sector in states supporting the development and offering affordable infrastructure for textile manufacturing like cheap land and power," said the minister.

Goyal further suggested aligning with the best standards in textile manufacturing so that there is no difference in the quality of textile meant for international and domestic consumers. The Minister suggested public-private participation in the use of government funds in Research and Development in technical textiles.

"It may be noted that the growth of technical textiles in India has gained momentum in the past five years, currently growing at an eight per cent per annum rate. Our aim is to hasten this growth to 15-20 per cent range during next five years," he stated.

"Current world market is USD 250 billion (18 lakh crore) and India's share in it is USD 19 billion. India is an aspiring player with USD 40 billion in size in this market (eight per cent share). The biggest players are the USA, Western Europe, China and Japan (20-40 per cent share)," he added.

The minister said that in addition to the growth in statistical terms, the growth towards high technology and indigenously innovated products will also be directed.

Also Read

He further mentioned that with these objectives in mind, the government has launched National Technical Textiles Mission in February 2020, with a view to making India a self-reliant, vibrant, export-oriented economy in the world.

"Our aim is to transform India into a major player in innovations, technology development, applications in key areas (agriculture, roads, railways, water resources, hygiene and healthcare, personal protection) with emphasis on higher education and skilled workforce," he said.

Goyal informed that in January 2019, for the first time in India, 207 HSN Codes were issued for technical textiles and in less than two years time, India has become a net exporter in technical textiles.

He added that the trade balance earlier used to be negative (-Rs 2,788 Crore) in 2018-19 and (-Rs 1,366 Crore in 2019-20), which has turned positive with Rs 1,767 Crore in 2020-21. During the year 2020-21, India's major share of exports is in PPEs, N-95 and surgical masks, fabric for PPEs and masks, he said.

Talking about the efforts made by the government to promote technical textiles, the minister informed that 92 items have been made mandatory for use by government organisations covering agriculture/horticulture, highways, railways, water resources, medical applications and nine concerned ministries have issued instructions in this regard.

Goyal further stated that BIS has issued Indian Standards for 377 items and nearly 100 are in pipeline. "Skill development in technical textiles commenced with the introduction of six new courses and another new 20 courses are under preparation," he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

More From This Section

Topics :Piyush GoyalTextile

First Published: Nov 05 2021 | 3:41 PM IST

Next Story