Foreign companies must invest in India's growing Technical Textile - Anant Kumar Singh

May 17, 2018

 

New Delhi, 17 May 2018: Secretary, Ministry of Textiles, Mr. Anant Kumar Singh said today that the current Indian Technical Textile sector has to develop a lot and this can be done only by more and more Indian and foreign companies investing in this sector.

 

Speaking at the TECHNOTEX 2018 - a Curtain Raiser programme organised by FICCI on the theme "Technical Textiles: Transforming India" , Mr. Singh said that India is one of the biggest producers of cotton products whereas, globally the demand for man-made fibre is on the rise. In order to reap the benefits, industries should focus more on man-made goods. "There are various initiatives that government has taken to liberalize the laws regarding investments which will help manufacturers to do business in India," he added.

 

Mr. Singh further added that TECHNOTEX 2018, scheduled on 28-29 June 2018 in Mumbai, will prove to be a turning point in building confidence of Indian and foreign companies to invest in the technical textile sector in India.

 

During the event, the Event Brochure of Technotex 2018 and BIS Standards on Protective gloves for firefighters and Protective clothing for firefighters was also released.

 

Dr. Kavita Gupta, Textile Commissioner, Ministry of Textiles highlighted that government has already allowed 100% FDI in the sector and this is an opportunity for foreign companies to invest in India.

 

Mr. Varghese Joy, Scientist G & Deputy Director General, BIS said that the Bureau of Indian Standards (BIS) is continuously working on adopting international standards to provide a friendlier environment to the industry.