An expert panel constituted by the government Monday submitted the draft of the new National Textiles Policy, which aims to achieve USD 300 billion exports by 2024-25, and creation of additional 35 million jobs by attracting investments.
The blueprint termed as the draft ‘Vision, Strategy and Action Plan’ to revitalize the textiles and apparel industry envisages an additional investment of USD 120 billion. It was presented to Textiles Minister Santosh Gangwar by Chairman of the Expert Committee Ajay Shankar. “The Expert Committee identified basic concerns in textiles sector and identified the national priorities in the form of a Vision & Strategy and the Action Plan for attaining the targets set out in the Vision for exports, investment and employment by the year 2024-25,” an official release said.
“The Vision projects Indian textile and apparel exports to grow from USD 39 billion at present to USD 300 billion by the year 2024-25. This translates into additional investment required of the order of USD 120 billion and in the process around 35 million additional job creation is expected to take place,” it added.
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.
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 & 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 Vision, Strategy & Action Plan for Indian Textiles & Apparels (2024) will be put up on the website of Textiles Ministry for inviting online comments/suggestions.
