The government is developing 40 new Harmonized System of Nomenclature (HSN) codes for technical textiles sector, which will be finalised soon, Textiles secretary Ravi Capoor said on August 29.
"We have already established HSN codes for 207 items, yet a large number of items are still not under any specific category of codes. Another list of 40 such HS codes have been under consideration and in next few months we will have dedicated codes for them," Capoor said here at the 'TECHNOTEX 2019 Technical Textiles: Technologies, Markets and Investments'.
HS codes was developed by the WCO (World Customs Organization) as a multipurpose international product nomenclature that describes the type of good that is shipped.
Capoor further said that technical textiles is the sunrise industry of the country and the country has to create an ecosystem for time-bound research in the institutions for technical textiles segment.
"Globally the technical textiles market is around USD 200-250 billion with a very high CAGR and India is still not in the forefront in terms of annual growth rate of the sector. There is a need to have private sector participation in government's research system with a time-bound output strategy," he added.
NITI Aayog member V K Saraswat, who was present on the occasion, said there is a need for establishing a coordinated approach between various stakeholders and the government to boost the sector.
"We need to have an umbrella organisation for better coordination between the industry, research and development centers and the government," he added.
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