MUMBAI, Aug. 29 (Xinhua) -- India will add 40 new Harmonized System of Nomenclature (HSN) codes for technical textiles sector in coming months to its existing 207 HSN codes, said a government official Thursday.
The codes will further facilitate in monitoring import export data and in providing fiscal support to the technical textile sector.
"Globally, the technical textiles market is around 200-250 billion US dollars with a very high compounded annual growth rate (CAGR) and India is still not in the forefront in terms of annual growth rate of the sector," said Ravi Capoor, Secretary of Ministry of Textiles here.
Indian government is currently discussing the mandatory use of technical textiles in over 90 areas, he said while speaking at an industry event on - Technical Textiles: Technologies, Markets and Investments.
In India, technical textile industry is largely import dependent with several products like specialty fiber or yarns, medical implants, sanitary products, protective textiles, webbings for seat belts, etc. being mostly imported, according to an industry report released on the occasion.
Indian technical textile industry is estimated to grow at a CAGR of 20 percent to 28.7 billion US dollars by 2020-21 from 16.6 billion US dollars in 2017-18, the industry report said.
