The New Textile policy aims to achieve USD 300 billion (over Rs 20 lakh crore) worth of textile exports by 2024-25 and create an additional 35 million jobs.
The textiles industry is eagerly awaiting the roll out of the policy in 2017, as it could make Indian garments more competitive in international markets by reducing the cost of production, and all eyes are on Textile Ministry, hoping it will infuse fresh momentum into the sector.
The year began with the Government notifying the Amended Technology Upgradation Fund Scheme (A-TUFS) to provide a one- time capital subsidy for investments in employment-and technology-intensive segments of the textile sector, a move aimed at promoting exports and import substitution.
A Rs 6,006-crore special package for textiles and apparel sector was rolled out in June, expected to create one crore new jobs in three years, attract investments of USD 11 billion and generate USD 30 billion in exports.
The Government brought in major labour law reforms in the garb of the package to increase productivity, and offered additional incentives for duty drawback scheme for garments. In fact, Textiles Ministry is faced with an uphill task, as overall exports of textiles and garments from India during 2015-16 were USD 40 billion, falling way short of the USD 47.5 billion target.
In fact, the Government recently admitted that the USD 48 billion target for textiles and garment exports for 2016-17 may be "hard to achieve", mainly because of less demand in major markets such as the US, EU and China.
Original Source: dailyshippingtimes.com
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