To promote the technical textile sector, the government plans to increase the fund outlay for various schemes to over Rs.700 crore during the XII Plan, Minister of State for for Textiles Panabaka Lakshmi said here on Saturday.
“The market size of technical textiles in India is estimated to have grown to Rs.91,236 crore in 2013-14 from about Rs.42,000 crore in 2007-08, with a annual growth rate of 11 per cent,” she said on the sidelines of a function.
“In order to continue building on this success, we are looking to increase the fund outlay for various schemes for the promotion of technical textiles to over Rs.700 crore during the XII Plan,” Ms. Lakshmi said.
With proper policy support, promotional efforts and standardisation and regulation, the sector had the potential to reach Rs.1.58 lakh crore by 2016-17, she said.
Based on the projected growth of this sector, employment in the technical textiles industry is estimated to grow at 13 per cent annually to 26 lakh by 2016-17.
This sector provides enormous potential for growth as the global textile market had estimated to have reached Rs.7.48 lakh crore in 2012-13, at an annual growth rate of 3.5 per cent, she added.
“Even a high-level committee on manufacturing, chaired by the Prime Minister, recognised the importance of technical textiles sector in the national economy as well as increasing production and exports in this sector,” she pointed out. India needed to tap the potential in the global market , she said.
The export target set for the technical textile this year was $50 billion this fiscal, she said adding that the sector was exploring new markets such as South America and Japan.
Under the XII Plan, Rs.11,952 crore had been sanctioned for the overall development of the textile sector, of which Rs.2,400 crore would be given this financial year, she said.