'Foreign Companies Must Invest in India's Growing Technical Textile Market'
The current Indian Technical Textiles sector has to develop a lot and this can be done only by more and more Indian and foreign companies investing in this sector.
This was stated by Mr. Anant Kumar Singh, Secretary, Ministry of Textiles, while speaking at a curtain rai-ser event for TECHNOTEX 2018, an international exhibition on technical textiles, scheduled for 28-29 June 2018 in Mumbai. The, event, organised by the ederation of Indian Chambers of Commerce and Industry (FICCI), is on the theme ‘Technical Textiles: Transforming India.’
Mr. Singh said that India is one of the biggest producers of cotton pro-ducts, whereas globally demand for man-made fibres 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 liberalise the laws regarding investments which will help manufacturers to do business in India,” he added.
Mr. Singh further added that, 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 and clothing for fire-fighters were also released.
100% FDI allowed
Dr. Kavita Gupta, Textile Commissioner, Ministry of Textiles, pointed out 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.
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