The Covid 19 pandemic forced people to focus on health and hygiene to minimise the spread of the coronavirus; thus, leading to rise in demand for masks and personal protective equipment (PPE).
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The Covid 19 pandemic forced people to focus on health and hygiene to minimise the spread of the coronavirus; thus, leading to rise in demand for masks and personal protective equipment (PPE).
Technical textile is considered to a sunrise sector offering immense growth potential for Indian companies.
Inspite of blessed with a complete supply chain – from raw material to fibre to yarn to fabric – India has not been able to cash in on the opportunity created with China vacating some segments in the global textile market.
Most of the textile companies have been under severe stress ever since the Covid pandemic struck Indian and the global economy causing economic slowdown.
In September 2020, Textile Secretary Ravi Capoor informed investors that the Government of India was planning to bring a “focussed product scheme†to incentivise production of synthetic fibre-based apparel and technical textiles.
On November 11, 2020, The Union Cabinet gave its approval to extend the production-linked incentive (PLI) scheme to textile products along with nine other new sectors entailing an additional financial outlay of Rs 1460 billion over a 5-year period.