Ministry of textile urges textile industry barons to invest in the technical textile business

YarnsandFibers News Bureau 2015-04-10 17:00:00 – Mumbai

The Union Ministry of Textiles, Santosh Kumar Gangwar at the inauguration of 4th edition of Technotex, organized jointly by Ministry of Textile, Federation of India Chambers of Commerce and Induatry (Ficci), said that the textile industry is the second largest sector after agriculture to create employment opportunities in the country. He called upon textile industry barons to invest in the technical textile business, by calling it a sunrise sector.

Technical textiles are an important part of the textile industry and its potential still largely untapped in India. With increase in disposable income, the consumption of technical textile is expected to increase. He added that there was potential in the technical textile sector as the international market in this space stands at Rs 17 lakh crore.

This year, India’s technical textile business is close to Rs 1 crore and could be improved to great extent with investments from global players.

He further said that Prime Minister Narendra Modi was keen on improving the textile industry as well, particularly in the North eastern states, where the government has invested Rs 427 crore in technical textiles. The plan is expected to boost the apparel and garment industry in the region.

The scheme for growth and development of technical textiles (SGDTP) has also been designed to promote indigenous manufacture of technical textile to exploit to global opportunities and cater to the domestic demand.

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