Indian Budget Promotes Technical Textiles Sector
April 4, 2012 By Seshadri Ramkumar
The Indian budget for 2012-13 presented by the Finance Minister Pranab Mukherjee on March 16th provides multiple goodies for promoting the technical textiles sector.
The 12th five-year plan beginning in April will implement the National Mission on Technical Textiles. This plan in aimed at “faster, sustainable and more inclusive growth.”
As part of promoting small and medium scale enterprises to venture into value-added textiles and technical textiles, a venture capital scheme of Rupees 5000 crores (USD 1 billion) has been set up under the name, India Opportunities Venture Fund.
Geotextiles gets a boost with an investment of Rupees 500 crores (USD 100 million). This plan will focus on the north-eastern region of the country. Aramid yarns and fabrics are exempt from basic custom duties. Automatic shuttle-less looms that can be used for technical fabrics are exempt from the 5 percent basic customs duty.
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