In order for the textile industry to achieve its goal of becoming a USD 300 billion market by 2025, there is a need for supportive policy, and public-private partnership, especially in areas like research and development (R&D), an apex textile industry body said.
"Through policy measures by the government in partnership with the industry, India could achieve USD 80 billion textile and apparel exports at an annual growth of 9 per cent. The overall market is expected to grow at 11 per cent annually to reach USD 220 billion by 2025," according to a white-paper representation released today at at the '9th Asian Textile Conference (ATEXCON)' here.
The policy support required by the industry are R&D, schemes to enhance quality and productivity and labour law reforms among others, it said.
Textile commissioner, Kavita Gupta who was also present on the occasion said, the government is planning to integrate the textiles industry through textiles parks to tie in all the value chains together.
"We have 72 such parks, which has brought in a lot of investments, but there is still a lot more opportunities in this segment," she added.
In order to encourage the industry, the government has several policies, including the Rs 6,000 crore apparel and made-up package, Rs 1,300 crore skill development and power textile scheme, which has eight components including up-gradation of power looms with government support of 50 per cent among others.
The industry provides direct jobs to 45 million people and indirect 69 employment to million people, she added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)