New Textile Policy aims at achieving target of $300 bn in exports and double employment

The new National Textiles Policy draft submitted by an expert panel constituted by the government on Monday aims at achieving textile and garment exports growth of $300 billion by 2024-25 from around $39 billion in the last fiscal and also creating additional 35 million jobs by attracting investments.

The draft Vision, Strategy and Action Plan to revitalize the Indian Textiles and Apparels prepared by Ajay Shankar, chairman of the expert committee and member secretary of the National Manufacturing Competitiveness Council was presented to the Textiles Minister Santosh Kumar Gangwar.

According to the textile vision document, the country would need additional around $120 billion in investment by 2014-15 to realize this target and in the process around 35 million additional job creation is expected to take place. Higher exports will help double employment in the sector to 70 million by then.

Keeping in view the various changes in the textile industry on the domestic and international fronts and the need for a road map for the textile and apparel industry, the Textiles Ministry had initiated the process of reviewing the National Textile Policy 2000.

Accordingly, an expert committee was constituted including leading industrialists from the textile sector to make fresh recommendations.

The draft Vision, Strategy & Action Plan for Indian Textiles & Apparels (2024) will be put up on the website of Textiles Ministry for inviting online comments/suggestions. It will also be discussed in the forthcoming meeting with state Textiles Ministers. It will remain open for comments till August 18, 2014 after which feedback will be considered and a final Vision, Strategy & Action Plan would be finalized for seeking approval of Cabinet and adoption.

The government aims to formulate a new improved Textile Policy to address concerns of adequate skilled work force, labour reforms, attract investments in the textile sector, and to provide a future road map for the textile and clothing industry.

The key objectives of the new National Textiles Policy include developing a vision statement of the textile sector for the next decade to treble market share from the current 4 percent in the next decade.