India is in the process of finalising 40 new harmonised system of nomenclature (HSN) codes for technical textiles in a few months, textiles secretary Ravi Capoor recently said. Speaking at a technical textile meet in Mumbai, he said HSN codes for 207 items have been established and mandatory use of technical textiles in over 90 areas is under discussion.
Highlighting the potential of this sector in India, Capoor told the TECHNOTEX 2019-Technical Textiles: Technologies, Markets and Investments' meet that the global technical textiles market is around $200-250 billion with a very high compounded annual growth rate (CAGR) and India is still not in the forefront in terms of annual growth rate of the sector, according to a release from the Federation of Indian Chambers of Commerce ad Industry (FICCI).India is in the process of finalising 40 new harmonised system of nomenclature (HSN) codes for technical textiles in a few months, textiles secretary Ravi Capoor recently said. Speaking at a technical textile meet in Mumbai, he said HSN codes for 207 items have been established and mandatory use of technical textiles in over 90 areas is under discussion.#
He emphasised the need to have private sector participation in government's research system with a time-bound output strategy. (DS)
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