National Technical Textiles Mission approved by Cabinet Committee on Economic Affairs
On February 26, 2020, the Cabinet Committee on Economic Affairs approved the National Technical Textiles Mission. The mission has been allocated Rs 1,480 crores. The aim of the mission is to make India a global leader in Technical Textiles.
Highlights
The Mission is to be implemented in India for 4 years, that is, between 2020-21 and 2023-24. There are 4 components of the mission as follows
- Research, Innovation and Development
- This component has been allocated Rs 1,000 crores. It aims to boost research at fibre level. Under the component the focus is to be on Aramid Fibre, Carbon Fibre, Composites and Nylon Fibre.
- Promotion and Market Development
- The Indian Textiles Market contribute 6% of the global technical textiles. The Indian Technical Textiles market is estimated to be 16 billion USD and the global market is 250 billion USD.
- Under this component, the mission is to work towards taking the Indian Technical Textiles market to 40 to 50 billion USD by 2024.
- The above goal is to be achieved by international technical collaboration, market promotion and investment promotion.
- Export Promotion
- Education, Training and Skill Development
Significance
It is important to develop National Technical Textiles Mission because they are used in roads. Agriculture, sportswear, railway tracks and space applications.
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Month: Current Affairs - February, 2020