New textile policy likely to be finalised by April, says Gangwar

Union Textiles Minister Santosh Kumar Gangwar today said the long awaited National Textile Policy is nearing finalisation and is likely to be issued before the end of April this year.

Interacting with media persons after participating in the Make in India seminar at Mumbai, Gangwar said that consultations with all stakeholders are in progress and he is confident that the new textile policy would be released during the budget session.

Earlier, speaking at the Make in India Seminar on 'Showcasing India's Strength across the Value Chain', Gangwar said that area-specific schemes have been formulated for the entire textile value chain.

He said that the government has laid specific focus on reducing transportation cost, as a result of which the cotton seed transport cost has come down by almost 25 to 40 percent.

Gangwar said his ministry has given approval for 24 new textile parks which will create employment for an additional 450,000 people.

Speaking on regional trade block agreements such as the Trans Pacific Partnership (TPP), he said that the government is working towards Foreign Trade agreement (FTA) with the European Union and is holding comprehensive discussions on the Regional Comprehensive Economic Partnership (RCEP).

He also said that the government is in the process of reviewing existing trade agreements such as Indo-ASEAN FTA and Indo-Korea Comprehensive Economic Partnership Agreement (CEPA).

The Minister expressed confidence that the futuristic, inclusive and participatory vision of the government would give long term benefits.