Economy

Technical textiles can benefit from existing fiscal sops: Irani

Our Bureau New Delhi | Updated on January 12, 2018 Published on January 17, 2017

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Technical textiles — materials that are used for their technical performance and functional properties -- can benefit from some of the existing fiscal sops for the textile industry, including the package for made-ups and apparels announced earlier this fiscal and the technology upgradation funds (TUF) scheme, Textiles Minister Smriti Irani has said.

Responding to demands from the industry for fiscal incentives to promote the sector at a curtain-raiser for Technotex 2017 — the sixth international exhibition and conference on technical textiles scheduled in Mumbai this April — Irani said her team could advise the industry on how to approach the government for benefits.

“Technical textiles like home textiles and clothing textiles, would be eligible for benefits under the fiscal package for made-ups and apparels. We can advise the sector on how to approach the government,” Irani said at the even organised by industry body FICCI on Tuesday.

There are 12 broad categories of technical textiles which include industrial textiles, eco textiles, geo textiles, home textiles, packaging textiles, protective textiles, sports textiles, clothing textiles, agro textiles and construction textiles.

Although the domestic industry has been growing steadily from about Rs 73,688 crore in 2013-14 to an estimated Rs 1,15,217 crore in 2017-18, India comprises just 4 per cent of the global technical textiles exports and 3 per cent of technical textiles imports.

The Minister said the textile industry could invest in the North-Eastern states in the area of geo-textiles to avail of tax benefits. “The North Eastern states are helpful and it is easy to set up industry there,” she said.

Technotex 2017, which is expected to see the participation of more than 200 exhibitors and over 150 foreign buyers, could play an important role in attracting investments.

“We hope that the exhibition plays a role in promoting joint ventures and attracting foreign investments in manufacturing of technical textiles and machinery,” said Textiles Commissioner Kavita Gupta.

Published on January 17, 2017
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