The government’s new production linked incentive (PLI) scheme will make technical textiles the next sunshine industry for India Inc, believes Shailesh Mehta, Managing Director, Texel Industries in a report by ANI News. The industry will reach $5 billion in the next 3-5 years. It is working in partnership with different ministries, research institutions and focuses on quality, cost, economies of scale to excel in exports by creating economies of scale, adds Mehta.
The government on September 8 announced an incentive scheme for attracting private investments into the labor-intensive textiles sector including 10 technical textile products. Under the scheme, the government will offer incentives of around Rs 7,000 crore to man-made fibres and around Rs 4,000 crore for technical textiles. The announcement is expected to cover around 10 product categories in the technical textile category. An incentive of 3 to 11 per cent of the annual incremental revenues' for five years will be provided to existing as well as proposed investments in the sector.
Established in 1989, Texel Industries is the pioneer of tarpaulins and geomembranes in India. The company manufactures a wide range of geosynthetic textile products which includes tarpaulins and geomembranes. The manufacturing facility is located at Santej, Gandhinagar, with an installed capacity of 9,000 MT per annum.