Govt. funding for tech textile research will give fillip to sunrise industry: OfficialBy ANI
Wednesday, February 23, 2011
NEW DELHI - A senior government official has said that government funding for technical textile research will give a fillip to the sunrise industry.
Textiles Secretary Rita Menon said: “The technical textiles industry is expected to register a growth of 11 percent per annum till 2012-13, and is likely to grow at six to eight percent per annum till 2020 without any policy interventions.”
“However, if government interventions take place in the form of regulatory push, the growth of technical textiles industry can be estimated at 12 to 15 percent per annum till 2020,” Menon added at a conference on Value Creation through Technical Textiles.
Speaking at, “Techtex India Summit 2011″ organised by Confederation of Indian industry, Menon said that, for promoting regulations in the country, consultants would be engaged to identify the needed regulatory changes required along with international best practices and also the strategy to facilitate such changes in the rules and regulations.
The first project approval committee meeting will be held with the Cabinet Secretary on Friday, February 25, 2011.
As Government of India is a major purchaser of technical textiles, set standards in various technical textiles will give a huge fillip to this industry.
The technical textiles segment in India has a potential to attract investment and create additional employment opportunities in coming years. Investments of Rs.5, 000 crores are expected by 2012 and employment is expected to increase to 12 lakhs by 2012, Menon said.
India imports approximately 1.4 billion USD worth of technical textile products annually.
This indicates good market potential, even for large scale manufacturing capacities targeted at domestic market itself. It is however important to realize that most of these imports are of high tech, specialty products.
Menon said that the government is keen on promoting technical textiles by assisting in creating more mega clustures in all states, funding for research and development and revamping technology up-gradation schemes.
Technical textiles are used in a wide range of sectors from road making, defense, firefighting apparel, to common use like diapers. (ANI)