Powered by: Motilal Oswal
11-08-2021 10:39 AM | Source: Accord Fintech
Time to target 5-fold increase in technical textile exports in 3 years: Piyush Goyal
News By Tags | #248 #3022 #6463

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

Union Minister Piyush Goyal has said that it is time to target a five times increase in the export of technical textiles in three years, from the present $2 billion to $10 billion. He said the government will 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.

Goyal said there should be no difference in the quality of textiles meant for international and domestic consumers. He suggested public-private participation for use of government funds in research and development in technical textiles. He 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.

The minister said that in addition to the growth in statistical terms, the government will direct the growth towards high technology and indigenously innovated products. He further mentioned that with these objectives in mind, the government has launched the National Technical Textiles Mission in February 2020, with a view to make India a self-reliant, vibrant, export-oriented economy in the world. He said ‘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.’