Government sets $300 billion textile exports target under new policy

Union Textiles Minister Santosh Kumar Gangwar said that New National Textile Policy is to be issued before the end of April, 2016 during the budget session of the Lok Sabha.

The new policy sets a target to achieve $300 billion (nearly Rs 20.50 lakh crore) textile exports by 2024-25 and generate employment opportunities with an additional 35 million jobs.

The policy is expected to accommodate a series of reforms to make India a truly manufacturing hub in textiles sectors so that Indian textiles players can take maximum advantages of the slowdown in Chinese textiles industry.

There would be amendments to the labour law, under the new policy, allowing women to work at night and other concerns related to skilled workforce, labour reforms, attracting investments in the textile sector would be addressed.

The government is also looking into special incentives for manufacturing units to be set up in the Northeast, Bihar, Jharkhand and West Bengal, where the cost of production would work out to be lower than in Maharashtra and Gujarat, where most of the factories are located.

Gangwar said that government is also planning to set up 74 textile parks, which will attract an investment of Rs 30,000 crore.