Techno textile will grow by 35% in FY17

Techno textile will grow by 35% in FY17

Techno textile will grow by 35% in FY17

The Indian Technical Textile sector will register 35% growth in FY 2017, and that the government is gearing up to frame regulation so that it will prosper in the country.

In an interaction with Deccan Herald during the industry meet Technotext 2016, Textile Commissioner Kavita Gupta said the size of technical textile industry was only Rs 70,925 crore during 2012-2013. “We are expecting it to reach Rs 1,58,540 crore by the next fiscal year,” she said, adding the industry needs further boost.

“Technical textile industry has its application in agriculture, medicine, aviation, aerospace, defense, manufacturing and transportation, among others. We should have right policy initiatives so that more manufacturing can be done in this sphere,” she said.

The textile ministry has already initiated discussion with various ministries in this regard, Gupta added.  The ministry has identified nine verticals where the technical textile industry can focus.

The textile ministry is also taking up the research and development activities on technology textiles projects. “We are ready to give 70% financial assistance to anyone who comes up with a research project,” she said. When asked about the patent issue, she said the researcher can hold it for two to three years.

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