Indian Economy News

India's exports of technical textiles increased 28.4% in 2021–2022: Government to Lok Sabha

  • IBEF
  • February 9, 2023

According to Union Minister of State for Textiles Ms. Darshana Jardosh, India's exports of 207 technical textile goods increased from US$ 2.21 billion in 2020–21 to US$ 2.85 billion in 2021–22, representing a growth rate of 28.4%.

The National Technical Textiles Mission (NTTM), with a budget of US$ 179 million (Rs 1,480 crores), was established by the government with the aim of expanding the technical textiles industry in the nation, she further stated. The Mission seeks to increase the domestic market size to US$ 40–50 billion by 2024, with an average annual growth rate of 15-20%. For both private and governmental institutions, the government has published issued guidelines for permitting academic institutions in technical textiles education in India.

In addition, the government has approved the Grant for Internship Support in Technical Textiles (GIST), with the aim of fostering links between academia and industry in the field of technical textiles, the minister added. She went on to say that, in accordance with the rules, empanelled businesses would receive financial support up to Rs 20,000 per student per month (for a maximum period of 2 months) for qualified students.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.