Friday, 1 April 2016

Make in India Week - New Textile Policy Likely to be Out by April

As per Mr. Santosh Gangwar, the Union Textiles Minister, it is highly likely that the government may introduce a new textile policy in April. This policy will plausibly target the growth of the industry for the coming 10 years and will look forward to achieving a whopping target of over $300 billion in textile exports and lead to the creation of over 35 million employment opportunities, thus strengthening the industry even further. Mr.Gangwar, present at the Make in India Week, quoted “The long-awaited National Textile Policy is nearing finalisation and is likely to be issued before the end of April 2016”. He said that talks and consultations with the stakeholders are going on and was quite confident about the policy to be released in the budget session. According to him, the policy will embrace all concerns pertaining to various aspects including labour reforms, investments in the sector, and provision of a road map for further developments in the same. The policy is also slated to look into the concerns raised by the skilled workforce of the industry.

It is due to the changing dynamism of the clothing and textile industry in the domestic arena, as well as internationally that the Ministry of Textiles took the decision of reviewing and revamping the current National Textiles Policy, 2000. Keeping in mind the current state of the industry, area-specific schemes have been the centre of this new policy that will help in the up gradation of the complete value chain. This policy will also focus on cutting down the transportation cost of various seeds and other raw materials. The ministry has also given a green signal to 24 new textile parks, and is working towards the implementation of the Foreign Trade Agreement or FTA with EU (European Union). Besides, the government also plans on reanalysing the existing FTA with the ASEAN nations as well as Korea.    Moreover, India has fast tracked the activities pertaining to trade and investment, especially following the signing of the Trans-Pacific partnership by the US and the Pacific-Rim countries. The government has also taken steps in the direction to comprehend the execution of the TPP, by holding workshops with industrialists and trade analysts. India has also been holding regular meetings with the 16 member countries of Regional Comprehensive Economic Partnership or RCEP that constitute over 25% of the world’s economy.

Given the current measures that the government is taking as well as the new national textile policy that may be declared anytime soon now, it is highly likely that the growth of the Indian textile industry will exponentially shoot up in the coming decade, not only on a domestic purview but internationally as well. 

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