In order for the textile industry to achieve its goal of becoming a US $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 US $80 billion textile and apparel exports at an annual growth of 9 percent. The overall market is expected to grow at 11 percent annually to reach US $220 billion by 2025,” according to a white-paper representation released at the ‘9th Asian Textile Conference (ATEXCON)’.
According to a PTI report: 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 textile 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 was quoted by PTI as saying.
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 percent among others.
The industry provides direct jobs to 45 million people and indirect 69 employment to million people, she added.