Technical textile, known to be the sunshine segment for the textile industry, has shown an impressive growth over the past five years in Gujarat as investment increased by 10 folds during the period.
By the end of financial year 2013-14, there were only 17 technical textile units registered with the state industries department and investment in the area was hardly Rs. 156 crore. The number of these registered units went up to 181 within five years and as on March 31, 2019, the total investment in the segment was pegged at Rs. 1,775 crore.
“The investment in the segment must be more than the official figure. The state government has the data of only those units which have taken some benefits under the textile policy floated for the period 2012 to 2017. A specific credit-linked interest subsidy scheme offered under the policy to set up a technical textile unit encouraged entrepreneurs. Some of them were already having traditional textile units in the state,” said a senior officer in the state industries department.
According to the data, maximum investment of around Rs. 475 crore came during the financial year 2016-17. In the same year, as many as 51 new units were set up across Gujarat, especially in Ahmedabad and Surat regions which are considered as major textile hubs in the country.
During the recently concluded fiscal 2018-19, 32 new technical textile units were set up in the state with an approximate investment of Rs. 370 crore.