Technotex 2023 to be held in Mumbai

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Prelims: Indian Economy
Technotex 2023 to be held in Mumbai Blog Image

Technotex 2023: 

 The event is being organized 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%.

 

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 “Harmonized 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.

 


Q1) When was the National Technical Textiles Mission launched?

The National Technical Textiles Mission was launched in 2020 for a period of 4 years (2020-21 to 2023-24) with an outlay of Rs.1480 crores. The focus of the Mission is on usage of technical textiles in various flagship missions, programmes of the country including strategic sectors.

Source: PIB