Technical Textiles Sector Estimated To Grow To Rs 2 Lakh Crore By 2020-21

India's Technical Textiles sector is estimated to grow to Rs. 2 lakh crore by 2020-21 noted the Union Textiles Minister Smriti Zubin Irani, at the National Conclave on Technical Textiles, jointly organized by the Ministry of Textiles and FICCI, in Mumbai yesterday. Under the aegis of Ministry of Textiles, for the first time in the history of India, the government has dedicated to the nation 207 HSN codes for technical textiles. This decision alone can enable the sector to grow at a massive pace in coming years.

Speaking about the potential of agricultural textiles, the Minister said that it has been proven that the income of a farmer who uses agrotech goes up by 60% - 70%. She said that the contribution of agrotech is at the forefront of the Prime Minister's desire to double farmers' income. Technical textile industry can proudly say that we help those who feed us, said the Minister.

The job-giving potential of the technical textiles sector is huge; every Rs. 1 crore investment generates 70 jobs, said the Minister. She said that this will lead to growth in sectors such as research, education and facilities such as testing labs as well. Partnership between agrotech companies and Krishi Vigyan Kendras can be very impactful, noted the Minister. She cited a McKinsey Global Institute report, according to which application of agricultural technologies can help close to 90 million farmers by 2025.

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