HS code for technical textiles soon: ITTA

Image
Press Trust of India Coimbatore
Last Updated : Oct 29 2015 | 3:42 PM IST
Around 300 products under the category of technical textiles will soon be classified by getting Harmonised System (HS) code, a top official of the Indian Technical Textiles Association (ITTA) said today.
ITTA has approached the government for classification of the products and a committee has been formed to identify the products to give HS code, ITTA Chairman Pramod Kumar Khosla said here.
Speaking at a conference on 'Technical Textiles - The enormous emerging opportunity', jointly organised by CII and ITTA, Khosla said without this HS code, the technical textiles sector was facing serious problems, including litigation.
Once the classification was made, manufacturers can concentrate on these products, he said.
Since there are nearly 750 companies engaged in technical textile manufacturing in India and the sector expected to reach a market size of Rs 1,58,540 crore by 2016-17, ITTA has also sought rationalisation of duties on the specialty fiber, Khosla said.
Since there are 12 categories of the sector, such as agri-tech, geo-tech, build-tech and cloth-tech, there is a need to have separate policy for the groups, he said.
He appealed to Tamil Nadu government to come out with a separate policy for the sector as in Maharashtra and Gujarat.
All the segments in the sector are recording double digit growth, with medical textiles witnessing 14 per cent growth, he said.
Every car requires at least seven kgs of technical textiles and there is tremendous potential in the automobile sector, Khosla said.
He added that with nearly 1.5 million soldiers, the requirement of defence force was huge since they need materials for trenches, apart from covers for tanks, planes and missiles.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Oct 29 2015 | 3:42 PM IST

Next Story