The Tamil Nadu State would be soon announcing a new textile policy, making the already successful textile industry a top destination for investment, industry experts said at a seminar at the Global Investors Meet (GIM) on Thursday.

Tamil Nadu - the nation’s largest textile manufacturer would be able to corner a lion’s share of the 15 million new jobs that would be generated, with the Indian textile industry poised to touch US$ 500 billion by 2025.

T Rajkumar, chairman, Southern Indian Mills Association (SIMA), while appealing to prospective investors at the seminar said that the policy framework is very friendly and the power situation has also improved significantly.

A Sakthivel, president, Tirupur Exporters Association, said that exports of textiles from Tamil Nadu had crossed Rs 21,000 crore and no other sector could promise such an accelerated growth.

Apart from textile industry growth, Prakash Vasudevan, director, South India Textile Research Association (SITRA), said that there was huge scope in technical textiles which are used in fisheries, sporting goods, etc.

The Minister Gokula Indira recalled the support extended to a closed mill in Ramanathapuram district after the present government came to power in 2011. Free power was extended to government mills even when there were some issues in power generation a few years ago.