Ficci urges Textiles Minister for an early announcement of on new Textiles Policy

Federation of Indian Chambers of Commerce (Ficci) envision textile sector to touch $145 billion of export in the next ten years with the support of the new textile policy.

A Ficci delegation today met Textiles Minister Santosh Gangwar, requesting an early announcement of the country’s new Textiles Policy to provide a long-term road map for the industry. According to Chairman of Ficci Textiles Committee Shishir Jaipuria, the new policy is likely to increase the share of India in world’s export of textile and also expected to attract large-scale investments and create jobs.

As per Ficci, India can increase its share in world exports of textiles & clothing provided Indian textile exports grow at a Compounded Annual Growth Rate ( CAGR) of 15.1 per cent over the ten year period (assuming world exports in textiles & clothing grow by 5 per cent).

Further, assuming India’s economy grows by 7 per cent on an average over the policy period and assuming domestic textiles industry also grows by 7 per cent, Ficci estimates the textiles industry would become a $ 278 billion industry.

It will also have the potential to create additional employment of 20 million people directly in the sector.

Ficci during their meeting with the Textile Minister put forward their suggestion of keeping the textile & clothing industry in the priority/lowestslab of Goods & Service Tax and requested not to levy compulsory excise duty on branded garments. As textile & clothing sector provides a basic necessity to the masses and also provide with large-scale employment.