Govt draws plan to attract FDI in technical textiles

The government has chalked out plans to seek investment from the US and European nations in the fast growing special textiles sector, which is engaged in production of the specialised variant of the commodity used by industries.

"We are going to traditional high-end markets for textiles in October... There will be more efforts to bring FDI partners in technical textiles," Secretary in the Textiles Ministry Rita Menon said at a workshop on Protech, jointly organised by the ministry and Ficci.

Textiles Minister Dayanidhi Maran would be leading a business delegation to several European countries like  Italy, Germany and Switzerland next month.

Maran had recently visited the US, one of the major markets for Indian goods, to seek investment in the sector.

Menon said several US firms have shown interest to invest in Indian textiles sector. She, however, did not give further details.

The government expects investment of about Rs 5,000 crore in the next three years in the technical textiles.

While emphasising on the need for standards and specification for special textiles, Menon said the ministry would work with other ministries including defence, consumer affairs, environment and health.

She also said the market size of protective textile, used mainly by the defence sector, is likely to touch Rs 2,000 crore by 2012-13 from Rs 1,260 in 2007-08.