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Indian market for technical textiles targeted to touch $40 billion by 2030:Saxena

November 17, 2023 07:21 pm | Updated 07:21 pm IST - COIMBATORE

‘Export of technical-textile products is expected to touch $10 billion from the current $2.5 billion in the next seven years’

Indian market for technical textiles is targeted to touch $40 billion by 2030, said Rajeev Saxena, Joint Secretary, Ministry of Textiles, in Coimbatore on Friday.

Speaking at a conference on technical textiles organised by the Confederation of Indian Industry and the Department of Textiles, Tamil Nadu, he said the current market size is $23 billion. Similarly, export of technical-textile products is expected to touch $10 billion from the current $2.5 billion in the next seven years.

The National Technical Textile Mission, launched three years ago, has been extended till 2026. “We do not have high-performance fibre. We import our needs,” he said. The government allocated ₹ 1,000 crore under the Mission for research and development and so far, 126 projects, with a total value of ₹ 371 crore, have been approved. The industry should invest more in research, he said.

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A portal for start-ups in technical textiles segment to submit applications for support under the Mission will be launched soon. The Bureau of Indian Standards has developed 600 quality standards for technical textile products and Quality Control Orders (QCO) have been issued for several technical textile products, he said.

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