Union Government of India Planned to Increase Fund Outlay for Technical Textile Sector
The Union Government of India on 31 August 2013 planned to enhance the fund outlay for different schemes related to technical textile sector.
The Union Government of India on 31 August 2013 planned to enhance the fund outlay for different schemes related to technical textile sector to more than 700 crore Rupees during the 12th Plan. The Increase in the fund outlay was aimed at promotion of the technical textile sector.
It is important to note that the market size of the technical textiles in India has grown to 91236 crore Rupees approximately in 2013-14 fiscal year from around 42000 crore Rupees in 2007-08. This depicted an annual growth rate of 11 percent. The sector is estimated to reach the potential of 1.58 lakh crore Rupees by 2016-17 fiscal year. With the projected growth of this amount, the employment in this industry is also estimated to increase at 13 percent annually to 26 lakh by 2016-17.
It is also important to note that the export target which is set for technical textile sector in 2013-14 fiscal year was 50 billion US dollar. For the purpose of overall development of textile sector, 11952 crore Rupees was sanctioned under the 12th Plan, out of which 2400 crore Rupees will be given in 2013-14 financial year only.