The government had approved the PLI scheme worth Rs 10,683 crore for the sector with the aim of boosting domestic production, creating jobs and boosting exports.
The textile ministry has received applications from as many as 67 companies to take advantage of the Production Incentive Scheme (PLI) for the man-made fiber and technical textiles sectors, a senior government official said on Saturday. The textile PLI scheme includes 40 man-made fiber (MMF) garments, 14 MMF textile products and 10 technical textile products.
The government had approved the PLI scheme worth Rs 10,683 crore for the sector with the aim of boosting domestic production, creating jobs and boosting exports.
“We have taken a number of steps to promote the growth of the technical textile sector. There has been a very good response to the PLI scheme. “As many as 67 companies have applied to be part of the PLI for MMF and technical textiles and against our expectations of over Rs 19,000 crore investment, these companies have shown that they would invest like Rs 22,000-23,000 crore in the MMF and technical textiles,” said Textile Minister UB Singh at a CII event.
The technical textiles (techtex) segment is a sunrise sector and has tremendous growth potential, he said.
It is used in various fields such as construction, road, railway, health care, automobile and agriculture. The market size of the sector in India is about $20 billion. The global market size is about USD 260 billion. Faster infrastructure development, increasing demand for passenger cars, healthcare, sports and awareness about personal hygiene are some of the reasons for healthy growth of the sector, he added.
The growing potential needs to be tapped through awareness, removing policy bottlenecks and developing more standards. The center’s chief scientific adviser, K Vijay Raghavan, emphasized the need for more R&D investment in the segment.
Speaking at the conference, Minister of State for Textiles Darshana Vikram Jardosh said announcements such as PLI scheme, PM-MITRA and National Technical Textiles Mission would help promote the growth of the sector. “There is tremendous scope to tap into the global market in the sector,” she said.