Time for India to aim 5x rise in technical textile exports in 3 years: Piyush Goyal

Time for India to aim 5x rise in technical textile exports in 3 years: Piyush Goyal

Textiles minister Piyush Goyal on Friday said that the time has come to target a five times increase in the export of in three years to $10 billion from $2 billion now.

Addressing representatives of the Indian Technical Textile Association (ITTA), he said the government will support production-linked incentives for the textile sector in states supporting the development and offering affordable infrastructure for textile manufacturing like cheap land and power.

Technical textiles in India is currently growing at 8% per annum.

“The aim is to hasten this growth to 15-20% range during next 5 years,” textiles ministry said in a statement.

Technical textiles are textiles, which are engineered to give desired output suitable for specific applications, and are divided into 12 sub-segments including Packaging Textiles, Geotechnical Textiles and Agricultural Textiles.

Goyal said that the current world market is $250 billion and India’s share in it is $19 billion. India is an aspiring player with $40 billion size in this market (8% share).

The biggest players are the US, Western Europe, China and Japan (20-40% share). He said that in addition to the growth in statistical terms, the country will direct the growth towards high technology and indigenously innovated products.

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

“He said 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,” Goyal was quoted in the statement.

During 2020-21, India’s major share of exports is in PPEs, N-95 and surgical masks, fabric for PPEs and masks.

“ITTA is an association of small and medium segment of technical textiles manufactures. 90% of their members have annual turnover below Rs 100 crore,” the ministry said, adding that large technical textiles manufactures (more than Rs 500 crore turnover) such as Garware, Welspun, SRF, Century Yarn, Johnson & Johnson, are not associated with it.

Source link

Add a Comment

Your email address will not be published.