India’s premier show on Technical Textiles – ‘Technotex 2023’ will be held in Mumbai from 22nd to 24th February 2023.
- The event is being organised by the Ministry of Textiles in collaboration with Federation of Indian Chambers of Commerce Industry, under National Technical Textiles Mission (NTTM).
- Technotex 2023 offers a good opportunity for Startup Entrepreneurs who represent the fastest-growing category worldwide.
- The Government is making all efforts to promote Technical Textiles and has undertaken various initiatives in this direction, such as creation of PLI scheme, HSN Codes, National Technical Textiles Mission.
What are Technical Textiles?
- Technical textiles are defined as textile materials and products used primarily for their technical performance and functional properties rather than their aesthetic or decorative characteristics.
- As a component or part of another product, they are used to enhance the strength, performance or other functional properties of that product.
- These products are broadly classified into 12 different categories- Agrotech, Oekotech, Buildtech, Meditech, Geotech, Clothtech, Mobiltech, Hometech, Sportstech,Indutech, Protech, Packtech.
- Technical textile accounts for approximately 13% of India’s total textile and apparel market and contributes to India’s GDP at 0.7%.
About the National Technical Textiles Mission (NTTM) –
- The Ministry of Textiles has launched NTTM to increase the penetration level of technical textiles in India while leveraging the extraordinary growth rate of the sector.
- The aim of the mission is to position India as a global leader in Technical Textiles.
- The mission will comprise four components: Research, Innovation and Development; Promotion and Market Development; Export Promotion; Education, Training, Skill Development.
- Implementation period: Four years starting from FY 2020-21 till FY 2023-24. The total outlay of the mission is INR 1480 Cr.
- Target — Take domestic market size of technical textile sector to $ 40-50 Bn by the year 2024 with an average growth rate of 15-20% per annum.
What is HSN Code?
- HSN code stands for “Harmonised System of Nomenclature”. This system has been introduced for the systematic classification of goods all over the world.
- HSN code is a 6-digit uniform code that classifies 5000+ products and is accepted worldwide.