Daily Current Affairs : 18-November-2023
In recent news, India’s technical textile market is making significant strides, with projections indicating a leap from the current $23 billion to an impressive $40 billion by 2030. This surge is attributed to various factors, including robust export figures and the extension of the National Technical Textile Mission.
Key Details:
- Export Expansion:
- Projections indicate that the export of technical textile products is set to soar from the present $2.5 billion to a remarkable $10 billion in the next seven years.
- This exponential growth underscores the increasing global demand for India’s technical textile prowess.
- National Technical Textile Mission:
- Launched three years ago, the National Technical Textile Mission has been extended until 2026, showcasing the government’s commitment to fostering growth in this sector.
- A substantial financial allocation of ₹1,000 crore has been earmarked under the mission, specifically for research and development initiatives.
- Notably, 126 projects, with a combined value of ₹371 crore, have received approval under this mission, reflecting the burgeoning innovation in technical textiles.
- Support for Start-ups:
- In a forward-looking move, the government is set to unveil a dedicated portal for start-ups in the technical textiles segment. This platform will allow these budding enterprises to submit applications for support under the National Technical Textile Mission.
- This initiative is poised to encourage entrepreneurship and foster a dynamic ecosystem for innovation in the technical textiles sector.
Understanding Technical Textiles:
- Definition: Technical textiles refer to materials and products prized for their technical performance and functional attributes rather than aesthetic appeal.
- Functionality Over Aesthetics:
- These textiles involve the creation of high-tech, high-performance fabrics designed not only for visual appeal but also for their added functional value.
- Textile Coating Process:
- The manufacturing process of technical textiles heavily involves textile coating, a crucial step in enhancing their technical prowess.
- Non-Clothing Applications:
- Unlike traditional textiles primarily used for clothing, technical textiles find diverse applications beyond apparel, earning them the label of “Technical Textiles.”
Important Points:
- Market Growth Projections:
- India’s technical textile market aims to reach $40 billion by 2030, a significant increase from the current $23 billion.
- Export Expansion:
- Expected export of technical textile products to rise from $2.5 billion to $10 billion in the next seven years, highlighting global demand.
- National Technical Textile Mission:
- Launched three years ago and extended until 2026, reflecting the government’s commitment to fostering growth.
- ₹1,000 crore allocated for research and development under the mission.
- Approval granted for 126 projects, totaling ₹371 crore, showcasing ongoing innovation.
- Support for Start-ups:
- Government to unveil a dedicated portal for start-ups in the technical textiles segment.
- Aimed at encouraging entrepreneurship and fostering innovation in the sector.
- Understanding Technical Textiles:
- Definition: Materials and products valued for technical performance, not aesthetic appeal.
- Functionality Over Aesthetics: High-tech, high-performance fabrics designed for added functional value.
- Textile Coating Process: Crucial step in enhancing technical prowess.
- Non-Clothing Applications: Diverse uses beyond apparel, earning the label of “Technical Textiles.”
Why In News
India’s market for technical textiles is poised to reach $40 billion by 2030 from the current $23 billion, driven by advancements in innovation and increasing demand across various industries, reinforcing its position as a key player in the global technical textiles landscape.
MCQs about India’s Technical Textile Boom
-
What is the primary focus of technical textiles?
A. Aesthetic appeal
B. Functional properties and technical performance
C. Cost-effectiveness
D. Environmental sustainability
-
What does the term “textile coating process” primarily contribute to in the manufacturing of technical textiles?
A. Aesthetic enhancement
B. Cost reduction
C. Enhancement of technical prowess
D. Eco-friendly production
-
What key initiative is the government planning to unveil to support start-ups in the technical textiles segment?
A. Export Incentive Program
B. Technical Innovation Fund
C. Start-up Portal
D. Entrepreneurship Accelerator
Boost up your confidence by appearing our Weekly Current Affairs Multiple Choice Questions
