look news india
New Delhi, September 6 (HS). Union Textiles Minister Giriraj Singh said on Friday that India's technical textile industry will surpass the target of $ 10 billion set for 2030. Addressing the inaugural ceremony of the International Conference on 'Developed India – Technical Textiles for Sustainable Growth and Development' organized by the Ministry of Textiles and FICCI, Giriraj Singh emphasized the increasing consumption and importance of man-made fibers and technical textiles in all walks of life at both global and domestic levels. On this occasion, the Textile Minister also launched the compendium of the National Technical Textiles Mission and also provided confirmation certificates to 11 approved start-ups under NTTM.
On this occasion, the Union Minister said that the Government is fully dedicated to the development of the technical textile industry. In this direction, the Government has taken several steps like launching the National Technical Textile Mission, MMF Fabric, PLI Scheme for Apparel and Technical Textiles. Highlighting the major initiatives taken under the NTTM Mission, the Union Minister said that 156 research projects have been approved including development of carbon fiber and support to start-ups under various areas of technical textiles.
Speaking on the occasion, Union Minister of State for Textiles, Pabitra Margherita said that the country is moving towards becoming self-reliant in all sectors including technical textiles. She also mentioned that several state governments have taken initiatives to promote investments, including FDI, in the technical textiles industry and urged other states to do the same. Speaking on the occasion, Secretary, Ministry of Textiles, Rachna Shah emphasized the role of technical textiles in developed India. Highlighting the huge market opportunity in technical textiles, Rachna Shah said that the global trade of technical textiles is around $300 billion, while India's domestic market size is $25 billion with exports of $2.6 billion.