April 12, 2019
Coimbatore : A one-day National Investors’ Conclave on Technical Textiles being held here on April 24 will provide inputs to understand the potential areas of investment in technical textile sector.
The Conclave would also give necessary inputs to plan for value addition in the existing products apart from planning diversification, the Indian Technical Textile Association (ITTA), the organisers, said in a release Friday..
Technical textiles has been identified as the thrust area for an exponential growth by the Government of India and also by all the State Governments considering its potential for value addition, exports, domestic demand, it said.
The Government of India offers 15 per cent credit linked capital investment subsidy for technical textiles machines under Amended Technology Upgradation Fund Scheme apart from providing various other benefits. The Governments in Tamil Nadu, Andhra Pradesh, Telangana and Karnataka have also offered special incentives for the investments made in technical textiles.
The Government of Tamil Nadu in its recent Integrated Textile Policy has announced 6 per cent interest subsidy for technical textiles products.
The Conclave is being held jointly by Mumbai-based ITTA with SIMA and Indian Texpreneurs Federation (ITF).
Union Textile Ministry Secretary Raghavendra Singh will inaugurate the Conclave, with a few eminent speakers from abroad, leading consultants, experts from DRDO, technical textile machinery manufacturers would make the presentation and interact with the delegates during the event, the release said.
It is time for the existing entrepreneurs as well as the new entrepreneurs to take advantage of the State and Central Schemes relating to technical textiles, techno-commercial advices provided by ITTA and CoEs and plan for huge investments in technical textiles, the release said.