The new textile policy aims to achieve $300 billion exports by 2024-25 and creation of additional 35 million jobs by attracting investments. The expert panel headed by Ajay Shankar has submitted its draft to textiles minister Santosh Gangwar. According to the textile vision document, the country would need roughly $120 billion in investment by 2014-15 to realize these targets.
For the financial year 14, India's textile and garment exports rose to $39 billion, however it remained below the set export target at $43 billion despite rupee depreciation. The panel identified basic concerns in textiles sector and national priorities in the form of a vision & strategy and the action plan for attaining the targets for exports, investment and employment by the year 2024-25.
It had become imperative for textile ministry to upgrade the National Textile Policy, 2000 as domestic textile industry has witnessed large scale modernisation and technological up-gradation in the last decade and faces new challenges. The policy document will be put up on the website of the textile ministry for inviting online comments/suggestions until 18th August after which feedback will be considered and a final action plan would be prepared and placed before the Cabinet for approval.
Textile industry contributes around 4 percent to the gross domestic product (GDP), around 10 percent of the country’s export earnings and nearly 14 percent to industrial production besides providing direct employment to over 45 million people. The present market size of the industry stands at around $90 billion.