Technical textiles sector is one of the most innovative industries around the world, being used in almost all modern industries including automotive, healthcare, aeronautics, sports, etc.
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The production of the textile engineering industry (TEI) during 2016-17 recorded a nominal increase of 1 per cent to `6,650 crore as against `6,580 crore achieved during the previous year, mainly due the substantial increase in production of spinning machinery. Spinning machinery sector is expected to raise their production further during 2017-18.
Raw jute has been kept at NIL rate of GST i.e. there would be no tax on raw jute. Jute mills are not required to pay tax under Reverse Charge Mechanism (RCM) as mentioned under section 9(4) of the CGST Act, 2017.
The technical textiles and nonwovens projects were at quite low level in the last couple of years. Not much of investment has happened in this area, the major reasons have been that investors are unsure.
In a major boost to the textiles and apparels sector, the Telangana government has announced a Textile and Apparel Incentive Scheme 2017, providing a slew of capital and operational incentives for textiles and apparels industries
India’s technical textile market is estimated to reach Rs 1,16,217 crore by 2017-18, and the important feature at this year’s Techtextil India, to be held from September 13 to 15, 2017 at the Bombay Convention.
In Mayer & Cie’s case, the best brand image has been achieved especially by means of the company’s high degree of innovation and its technology leadership.