India wants a stronger emphasis on technical textiles
06/02/2014
According to the ministry’s calculations, technical textiles account for 18.7% of all textile production globally. However, in India, technicals fabrics, yarns and fibres account for only 11.4% of the domestic industry’s output.
To grow this, the ministry has set up a programme to establish testing facilities, resource centres for developing new prototypes and technical textile development.
There will also be a grant scheme to help textile companies invest in new machinery for developing technical products. Companies can receive 10% of the capital required for new machinery as a subsidy from the ministry, as well as a 5% reimbursement on any interest they have to pay to fund machinery investments, and favourable customs tariffs when importing the machinery needed.
When technical textile products are developed, their export will also attract a favourable duty rate.
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