According to analytics services provider Rubix Data Sciences, Budget 2025’s rise in Basic Customs Duty (BCD) on knitted fabrics and tax benefits for textile machines would drive the technological textiles industry in India, which was valued at USD 29 billion in 2023–2024.
February 11, New Delhi, India (ANI): According to analytics services provider Rubix Data Sciences, Budget 2025’s rise in Basic Customs Duty (BCD) on knitted fabrics and tax benefits for textile machines would drive the technological textiles industry in India, which was valued at USD 29 billion in 2023–2024.
Textile materials and products utilised largely for their technical performance in a variety of high-end sectors are referred to as technical textiles. Among other things, government programs like PM MITRA parks, the PLI scheme, and quality control requirements are essential in making India a world leader in technological textiles.
According to the Rubix research, the Indian technical textiles industry is the fifth largest in the world and makes up around 15% of the country’s total textile and clothing market.
“The increase in BCD is expected to encourage domestic manufacturing, reduce reliance on imports, and protect local producers from cheaper foreign competition,” according to the Rubix research.
India has traditionally led the world in natural fibres and traditional textiles. However, the nation has advanced significantly in the specific sector of technological textiles in recent years.
According to Rubix, the Indian technical textiles market has expanded at an annual pace of 8–10% during the last five years.
Under its National technological Textiles Mission, the federal government wants to export technological textiles valued at USD 10 billion. According to reports, India now exports between USD 2 billion and USD 3 billion worth of technical textiles.
With a financial investment of Rs 1,480 crore, the Mission was started in 2020–21 with the goal of making India a global leader in technological textiles. It has now been extended until 2025–26.
India has been a net exporter of technical textiles since 2020–21, according to the Rubix study. Exports increased at a compound annual growth rate (CAGR) of 5.3% between 2018–19 and 2023–24, while imports decreased at a CAGR of 1.7%. (ANI)