The market for technical textiles is estimated to grow at an average annual rate of 14 per cent to touch $19.76 billion by 2014 -15, according to a study conducted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) in March 2010.
Giving this information in the Rajya Sabha today, minister of state for textiles Panabaaka Lakshmi stated that a baseline survey conducted through ICRA Management Consultancy Services Ltd (IMaCS) by her ministry also contains details on various aspects of technical textiles, which can be accessed on website www.technotex.gov.in.
She said the government has acknowledged the scope and huge potential of technical textiles in India and has taken many steps in a structured manner for growth and development of this sector.
The government, the minister said, has taken a number of initiatives to facilitate investments in technical textiles.
Textile units can now import major machinery required for the technical textiles at a concessional custom duty of 5 per cent.
The Technology Upgradation Fund Scheme (TUFS), which covers major technical textile machinery, provides 10 per cent capital subsidy on specified technical textile machinery in addition to 5 per cent interest reimbursement.