Home / Knowledge / News / Union Budget / Union budget proposes National Technical Textiles Mission

Union budget proposes National Technical Textiles Mission

Feb '20
Finance minister Nirmala Sitharaman (3rd from left) and MoS Anurag Singh Thakur (4th from right) and senior officials with President Ram Nath Kovind before Budget presentation. Pic: PIB
Finance minister Nirmala Sitharaman (3rd from left) and MoS Anurag Singh Thakur (4th from right) and senior officials with President Ram Nath Kovind before Budget presentation. Pic: PIB
A National Technical Textiles Mission with a four-year implementation period from 2020-21 to 2023-24 at an estimated outlay of ₹1,480 crore has been proposed by finance minister Nirmala Sitharaman in her presentation of Union Budget 2020-21 today. She also announced abolition of anti-dumping duty on PTA, a key raw material for synthetic textiles.

"India imports significant quantity of technical textiles worth $16 billion every year.  To reverse this trend and to position India as a global leader in technical textiles, a National Technical Textiles Mission is proposed," Sitharaman said in her budget speech.

Purified terephthalic acid (PTA) is a critical input for textile fibres and yarns, she said and added that "its easy availability at competitive prices is desirable to unlock immense potential in textile sector which is a significant employment generator.  Therefore, in the larger public interest, anti-dumping duty on PTA is being abolished."

The removal of anti-dumping duty on PTA would make import of PTA cheaper for the man-made fabric industry.

Sitharaman also announed launch of a new scheme, NIRVIK, to achieve higher export credit disbursement. The scheme provides for higher insurance coverage, reduction in premium for small exporters and simplified procedure for claim settlements.

In the coming months, the ministry of finance will review Rules of Origin requirements, particularly for certain sensitive items, so as ensure that FTAs are aligned to the conscious direction of the government's policy, the minister said.

Fibre2Fashion News Desk (RKS)

Must ReadView All

Pic: Shutterstock

Textiles | On 28th Mar 2020

Worldwide lockdowns, stimulus shots, raised PPE production

The global response this week to the unfolding COVID-19 crisis saw...

Pic: Shutterstock

Apparel/Garments | On 28th Mar 2020

Vietnam may outdo Bangladesh as 2nd largest RMG exporter

Though Bangladesh is now the second-largest garment exporter...

Pic: Shutterstock

Textiles | On 28th Mar 2020

Morgan Stanley rules out economic depression

With COVID-19 badly damaging the global economy, Morgan Stanley...

Interviews View All

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

Textile industry would like to see inclusion of cotton yarn under MEIS and ...

Top executives, Fabric manufacturers

Top executives
Fabric manufacturers

Domestic manufacturers would get an edge over imported products

Nishank Patel, Shri Dinesh Mills Limited

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Vikas Banduke,

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Wesly Clements,

Wesly Clements

US-based Baldwin Technology Company is a global manufacturer and supplier...

Roz Guarnori,

Roz Guarnori

FESPA Global Print Expo 2019, to be held in Munich from May 14-17, is...

Shujaul Rehman, Garware Technical Fibres

Shujaul Rehman
Garware Technical Fibres

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Johan Berlin, InvestKonsult Sweden AB

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Davide Vigano, Sensoria

Davide Vigano

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

March 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search