Cabinet approves National Technical Textile Mission
New Delhi, Feb 26 (HS): In a meeting chaired by Prime Minister Narendra Modi, the cabinet has approved the National Technical Textile Mission. According to information, the National Technical Textile Mission has been approved in the cabinet meeting. This mission will provide relief to the textile industry in the country.
In the budget presented on February 1, 2020, Finance Minister Nirmala Sitharaman had announced the National Technical Textile Mission. India imports about 16 billion dollars worth of technical textiles every year. 1,480 crore rupees will be spent on this mission to cut imports.
Many types of multi-purpose textile making by conducting new research in textiles are called technical textiles. This fabric is being made for road construction, flood blockers, fireproofing, antibacterial, medical, the greenhouse in agriculture industry, packaging textiles, sports textiles, etc.
Traditional textiles are exporting 50 billion dollar and importing 16 billion dollars of technical textiles. The government announced the establishment of the National Technical Textile Mission with a provision of Rs 1,480 crore in the budget to reduce imports and encourage domestic production.
This mission of the government will be implemented between 2020-2021 to 2023-2024. During the budget, the Finance Minister said that Rs 27,300 crore has been provided for the development and promotion of industry and commerce. It has also said that digital refunds will be allowed in the duties and taxes of exporters of central, state and local bodies from this year.
