Textile exports miss target, new policy likely in mid-July

Country's textile and garment exports registered an almost flat growth at USD 41.4 billion in FY 2014-15, against USD 40.8 billion in the previous fiscal, falling short of USD 45 billion target for the year.
The new National Textiles Policy being finalised by the government aims raising exports to USD 300 billion by 2024-25.
The Textiles Ministry has set an exports target of USD 47.5 billion for the current fiscal.
"Textile exports in 2014-15 stood at 41.4 billion as against a target of 45 billion. For the current fiscal, we have set a target of 47.5 billion," Textiles Secretary S K Panda said while addressing a press conference here.

Besides, Panda told PTI that new National Textiles Policy, which aims to achieve USD 300 billion exports by 2024-25 and envisages creation of additional 35 million jobs, may be announced in mid-July, after the Cabinet approval.
Panda also said the Ministry has sought Rs 13,000 crore for the Technology Upgradation Fund (TUF) scheme for the 12th Five Year Plan (2012-17).

"We have sought Rs 13,000 crore for the TUF scheme from the Finance Ministry. We had sought Rs 12,000 crore for the 12th Five Year Plan but only Rs 7,000 crore has been assigned. So we are hoping that we get remaining Rs 6,000 crore out of the Rs 13,000 crore demanded in the next 2 years," he said.

Besides, Textiles Minister Santosh Gangwar expressed concern on the condition of handloom weavers in the country.
He also pointed out that during the past one year, the government has approved 20 textiles parks under the scheme for integrated textiles parks (SITP), which are likely to create 75,000 jobs.
Gangwar informed that India has become the largest cotton producing country in the world.
Keeping in view the various changes in the textile industry on the domestic and international fronts and the need for a roadmap for the textile and apparel industry, Ministry of Textiles had initiated the process of reviewing the National Textile Policy, 2000.

The draft of Vision, Strategy & Action Plan for Indian Textiles & Apparels (2024) was earlier put up on the website of Textiles Ministry for inviting online comments/suggestions.
The government is in the process of finalising it for seeking the Cabinet approval.