: Govt invites proposals to setup export promotion council for Technical Textiles #FinanceIndia #StockMarketNEWS Govt invites proposals to set-up export promotion council for Technical Textiles New

@StockMarketNEWS Mon 07 Dec, 2020

Posted in: #FinanceIndia #StockMarketNEWS

Govt invites proposals to setup export promotion council for Technical Textiles #FinanceIndia #StockMarketNEWS
Govt invites proposals to set-up export promotion council for Technical Textiles New Delhi, Dec 3 (KNN) Ministry of Textiles has invited proposals for constitution of a dedicated Export Promotion Council (EPC) for Technical Textiles vide Public Notice dated December 01, 2020.

The Exporter Association and Trade bodies registered under Companies Act or Society Registration Act have been asked to submit proposal for constitution of a dedicated EPC for Technical Textiles by 15th December 2020.

The Council shall abide by all directions of the Central Government in respect of promotion and development of international trade and would be responsible to promote ITC (HS) lines identified and Notified by Directorate General of Foreign Trade from time to time.

The Cabinet Committee on Economic Affairs, in its meeting held on 26th February, 2020, gave its approval to set up a National Technical Textiles Mission with a total outlay of Rs. 1480 Crore, with a view to position the country as a global leader in Technical Textiles.

The Mission would have a four year implementation period from FY 2020-21 to 2023-24. Constitution of an Export Promotion Council for Technical Textiles is part of one of the components of the National Technical Textiles Mission.

Technical Textiles are futuristic and nice segment of textiles, which are used for various applications ranging from agriculture, roads, railway tracks, sportswear, health on one end to bullet proof jackets, fire proof jackets, high altitude combat gear and space applications on other end of spectrum.

Technical textiles are textiles materials and products manufactured primarily for technical performance and functional properties rather than aesthetic characteristics. Technical Textiles products are divided into 12 broad categories (Agrotech, Buildtech, Clothtech, Geotech, Hometech, Indutech, Mobiltech, Meditech, Protech, Sportstech, Oekotech, Packtech) depending upon their application areas.

India shares nearly 6% of world market size of 250 Billion USD. However, the annual average growth of the segment is 12%, as compared to 4% world average growth.

Penetration level of technical textiles is low in India at 5-10%, against 30-70% in advanced countries. The Mission aims at improving penetration level of technical textiles in the country.