An expert group to formulate the new textile policy would be set up next week, the Union textiles minister Kashiram Rana said here yesterday.
The earlier textile policy, formulated in 1985, needs to be reviewed in the light of the changes taking place in both domestic and international markets, Rana said.
Since 1985, a lot of changes had taken place because of factors like the setting up of World Trade Organisation (WTO) and the globalisation process, he said while suggesting that these changes warranted a fresh look at the policy. Rana said a Rs 25,000 crore technology upgradation fund would be set up soon which would be used for modernising the textile industry.
Government is also examining a turnaround strategy for the National Textile Corporation (NTC) to modernise its 44 viable mills.
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