The Business Bytes
TBB BUREAU
NEW DELHI, MARCH 17, 2021
The Industrial Policy of Odisha recognizes Apparel and Textiles, including Technical Textiles as one of the five Focus Sectors and a number of attractive fiscal and non-fiscal incentives for the promotion and development of the sector have been laid out, said Odisha Industry and MSME Minister Captain Dibya Shankar Mishra.
Speaking at the FICCI TECHNOTEX 2021 here today, Captain Mishra said that Odisha Industrial Development Plan: Vision 2025 has been developed to broad-base the industrial base of the State by leveraging its strategic advantages of infrastructure, geographic location, abundant natural resources and skilled human resources. Apparel and Textiles, including Technical Textiles forms a key pillar towards this Vision.
“Special emphasis is being provided by the Odisha Government for the development of the Technical Textile Park at Dhamnagar in Bhadrak District by providing the right mix of industrial infrastructure and fiscal incentives. The park is being developed over an area of 100 acres and will be anchored by a 300 KTPA capacity polyester plant by Indian Oil Corporation (IOCL). The plant will have a committed feedstock of Polyester Staple Fibre (PSF), Drawn Texturized Yarn (DTY) and Fully Drawn Yarn (FDY). This will create a unique ecosystem for the growth of technical textiles sector not just in India but in the entire South Asia. Odisha has already become a key location for massive investment and is on course to become one of the finest investment destinations in the country,” said the Minister.
The Odisha Government is putting its best effort to bring the economy back on track. The Government gears up to drive the industrial activity and employment generation in the state, said Captain Mishra, while highlighting how Odisha is fast emerging as the manufacturing hub of East India owing to proactive and progressive governance.
He emphasized that in the past two decades, several leading companies from across the country have set up their base in the State and it has emerged as an attractive investment destination for investors because of its hassle-free and ease of doing business environment. Odisha was ranked number 1 in terms of attracting investments during April-September 2019. Even during the difficult Covid-19 pandemic time, the investor sentiment towards Odisha has been extremely encouraging and the state has been able to attract new investment of over Rs 1 lakh crore across multiple sectors, he added.
Technical Textiles have seen an upward trend globally in the recent years due to improving economic conditions. Technological advancements increase in end-use applications, cost-effectiveness, durability, user-friendliness, and eco-friendliness of Technical Textiles has led to the upsurge of its demand in the global market.
The current Indian technical textiles market is estimated at USD 19 billion, growing at a CAGR of 12% since past five years. The demand for Technical Textiles was pegged at USD 165 billion in the year 2018 and is expected to grow up to USD 220 billion by 2025, at a CAGR of 4% from 2018-25. The Asia-Pacific has been leading the Technical Textiles sector by capturing 40% of the global market, while North America and Western Europe stand at 25% & 22% respectively Asia-Pacific has seen a tremendous growth in this sector and captures the largest market share due to rapid urbanisation and technological advancements in medical, automobile and construction industries. This is further catalysed by easy production, low-cost labour and conducive government policy support.
