The Union Cabinet yesterday approved the textile industry of the National Labor Department. The cost of the project is Tk 1,480 crore. With the implementation of this program, India will be at the forefront of industrial textiles production. These fabrics are for industrial applications.
On February 8, Union Finance Minister Nirmala Sitharaman announced in the budget that the National Textile Target Project would be implemented in four years (2021-27 to 2022-27).
Textile Minister Smriti Rani told reporters that the cabinet meeting chaired by Prime Minister Narendra Modi had discussed and approved the implementation of the project.
In the case of the technical textile type, the raw materials of the industry are made to help them work. It has applications for various industries including Agro-Textile, Medical Textile, Geo-Textile, Security Textile, Industrial Textile, Sports Textile.
The industry will benefit from the agriculture and horticulture sector related to the growth of textile industry. It can manufacture quality clothing including military clothing, para-military textiles, police uniforms. It is also used in the road construction industry.
The industrial market is estimated at Rs 1,16,217 crore in 2017-18. Although it is not expected to grow during 2020-27, the central government has decided to focus more on the industry considering the potential growth rate of the market.
However, it is estimated that it touches Rs 2 lakh crore in the domestic market.