Technical textiles market to touch $20 bn by 2015

24 Apr '10

1 min read

As per a study conducted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) in March 2010, market for technical textiles is likely to witness improvement at an average annual rate of 14 percent, and it will reach up to $19.76 billion by the year 2014 -15.

The Minister of the state for textiles Mr. Panabaaka Lakshmi stated in the Rajya Sabha that her ministry conducted a baseline survey through ICRA Management Consultancy Services Ltd (IMaCS). This survey contains details on various aspects of technical textiles, which can be accessed on the website, she informed.

The government of India recognized the potential of technical textiles in India and also predicted the scope of development in this sector; therefore it has taken a number of steps to grow and develop the sector, as well as to facilitate investments in it, said Ms. Lakshmi.

Major machineries required for the technical textiles can now be imported at 5 percent concessional custom duty. The Technology Up-gradation Fund Scheme (TUFS) covering major technical textile machinery offers 10 percent capital subsidy on specific technical textile machinery as well as 5 percent interest reimbursement.

Fibre2fashion News Desk - India

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