National Technical Textiles Mission with Rs 1,480 crore outlay approved

New Delhi: The government on Wednesday approved setting up of a National Technical Textiles Mission with a total outlay of Rs 1,480 crore with a view to position the country as a global leader in technical textiles.

The Mission will have a four-year implementation period from financial year 2020-21 to 2023-24. The decision was taken at a meeting of Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi here.

"The Mission will aim at average growth rate of 15-20 per cent per annum taking the level of domestic market size to $40-50 billion by the year 2024 through market development, market promotion, international technical collaborations, investment promotions and 'Make in India' initiatives," an official statement said.

It envisages export promotion of technical textiles, enhancing it from the current annual value of approximately Rs 14,000 crore to Rs 20,000 crore by 2021-22, and ensuring 10 per cent average growth in exports per year up to 2023-24.

An Export Promotion Council for Technical Textiles will be set up for effective coordination and promotion activities in the segment.

Addressing a press conference on Cabinet decisions, Union Textiles Minister Smriti Irani said arrangements have been made under the Mission for skill development of 50,000 people in the field of technical textiles.