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Related Keywords: budget beneficial for companies of big brands, did not mention about textile industry, not common entrepreneurs doing business for decades, powerloom modernization programme, rescue the industry from recession, second largest employment provider, seeking incentives from government to boost export, technical textile industry, Union budget

The Union Budget presented by finance ministry Arun Jaitley on 29 February did not mention about the textile industry, which is the second largest employment provider in the country after the agriculture sector, over which experts were surprised and said that the budget is beneficial for companies of big brands instead of the common entrepreneurs who have been doing business for decades.

Related Keywords: ATUFS, Centre of Excellence for Industrial Textiles, domestic growth, focus incubation facilities, home textile, investment in technical textils, plug and play facilities, production lines for wet wipes and coir mats, projected to grow 20 percent, sixteen percent subsidy, technical textile industry, Union Minister of state for textile

Under the Amended Technology Upgradation Fund Scheme, 16 percent subsidy for investment in technical textile has been announced by the government as the technical textiles industry is projected to grow at 20 percent year-on-year and the segment’s potential is largely untapped in the country, said Union Minister of State for Textiles Santosh Kumar Gangwar on Thursday.

The Centre of Excellence for Industrial Textiles/Home Textiles at PSG College of Technology would have plug-and-play facilities (focus incubation centre) for potential entrepreneurs in technical textiles, Gangwar said.

Related Keywords: countires of Custom union, domestic market, illegal reexport, polyester, polypropylene, raw material, Russian Ministry of Industry and Trade, Russian nonwovens, technical textile industry, volatile commodity prices

The Russian nonwovens and technical textiles industries volume of production during the period January-October has declined by about 15 percent compared to the same period last year, due to the ongoing currency jumps; the ever growing volume of illegal re-exports of technical textiles and nonwovens to Russia through the other countries of the Customs Union, and in particular Kazakhstan and Belarus; volatile commodity prices and the high level of depreciation of equipment at the majority of the industry’s enterprises might put the industry in tight spot.

Related Keywords: domestic textile industry, export target, home textile, infrastructure, skilled manpower, technical textile industry, Textile Industry, TUFS

The textile industry occupies a unique place in India and with the textile industry setting target of USD 50 billion exports this financial year. Technology upgradation, better infrastructure and skilled manpower are a must to achieve the set target.