The Indian textile and apparel exports is set to grow from USD 39 billion at present to USD 300 billion by the year 2024-25. While adding to the above statement, Ministry of Textiles, Govt. of India, said in an official statement, “The above growth roadmap translates into additional investment required of the order of USD 120 billion and in the process around 35 million additional job creations is expected to take place.”
An expert panel constituted by the government has submitted the draft of the new National Textiles Policy, which projects Indian textile and apparel to achieve USD 300 billion exports by 2024-25, and creation of additional 35 million jobs by attracting investments.
The Expert Committee chaired by Ajay Shanker, National Manufacturing Competitiveness Council (NMCC) submitted the draft Vision, Strategy and Action Plan for Indian Textiles and Apparels to the Textile Minister Santosh Kumar Gangwar.
The draft Vision, Strategy and Action Plan for Indian Textiles and Apparels (2024) will be put up on the website of Ministry of Textiles for inviting online comments/suggestions. It will also be discussed in the forthcoming meeting with State Textiles Ministers.
The draft “shall remain open for comments till 18th August, 2014 after which feedback will be considered and a final Vision, Strategy and Action Plan would be finalised for seeking approval of Cabinet and adoption,” the Ministry added.
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, Ministry of Textiles 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 has been submitted by the Chairman after a detailed process of stakeholder consultations across the entire value chain.
Considering the recommendations and feedback received during various consultation meetings, the Expert Committee identified basic concerns in textiles sector and identified the national priorities in the form of a Vision and Strategy and the Action Plan for attaining the targets set out in the Vision for exports, investment and employment by the year 2024-25.