A one-day National Investors' Conclave on Technical Textiles being held here on April 24 will provide inputs to understand the potential areas of investment in technical textile sector. The conclave would also give necessary inputs to plan for value addition in the existing products apart from planning diversification, the Indian Technical Textile Association (ITTA), the organisers, said in a release Friday.
Technical textiles has been identified as the thrust area for exponential growth by the Centre and also by all the state governments considering its potential for value addition, exports, domestic demand, it said. The central government offers 15 per cent credit linked capital investment subsidy for technical textiles machines under Amended Technology Upgradation Fund scheme apart from providing various other benefits.
The governments in Tamil Nadu, Andhra Pradesh, Telangana and Karnataka have also offered special incentives for investments made in technical textiles. The Tamil Nadu government in its recent Integrated Textile Policy has announced 6 per cent interest subsidy for technical textiles products.
The meet is being conducted jointly by Mumbai-based ITTA with SIMA and Indian Texpreneurs Federation. Union Textile Secretary Raghavendra Singh will inaugurate the conclave, the release said.
(With inputs from agencies.)