The Textile Ministry has received applications from up to 67 companies to take advantage of the Production Linked Incentive (PLI) scheme for man-made fibers and technical textiles, a senior government official said on Saturday.
The PLI system for textiles includes 40 man-made fiber (MMF) garments, 14 MMF woven products and 10 technical textile products.
The government had approved the ₹10,683 crore PLI program for the sector with the aim of boosting domestic manufacturing, creating jobs and promoting exports.
“We have taken a number of actions to support the growth of the technical textiles sector. The PLI program has received a very good response.
“No fewer than 67 companies have applied to participate in the PLI for MMF and technical textiles and contrary to our expectations of over 19,000 crore investment, these companies have shown that they would invest around 22,000 to 23,000 crore in the MMF and technical textiles”, Textile Minister UB Singh said at a CII event.
The technical textiles segment (Techtex) is an industry of the future and has great growth potential, he said.
It is used in various fields such as construction, road, railway, healthcare, automotive and agriculture. The market size of the sector in India is around US$20 billion. The global market size is around 260 billion US dollars.
Accelerating infrastructure development, increasing demand for passenger cars, healthcare, sports and personal hygiene awareness are some of the reasons behind the sector’s healthy growth, he added.
The increasing potential must be tapped by raising awareness, removing political bottlenecks and developing further standards.
The Center’s Chief Scientific Advisor, K. Vijay Raghavan, stressed the need to increase R&D investment in this segment.
Speaking at the conference, Minister of State for Textiles Darshana Vikram Jardosh said announcements such as the PLI program, PM-MITRA and the National Technical Textiles Mission would help boost the growth of the sector.
“There is huge scope to tap the global market in this sector,” she said.