Business

India: Textiles Vision Document Projects Textiles Export to Touch US $ 300 Billion by the Year 2024-25, 35 Million Additional Jobs to be Created

Santosh Kumar Gangwar, Minister of State for Textiles (I/C) today received the draft Vision, Strategy & Action Plan for Indian Textiles & Apparels presented by Ajay Shankar, Chairman, Expert Committee & Member Secretary, National Manufacturing Competitiveness Council (NMCC).

Keeping in view the various changes in the textile industry on the domestic and international fronts and the need for a road map for the textile & apparel industry, Ministry of Textiles had initiated the process of reviewing the National Textile Policy, 2000. Accordingly, an Expert Committee was constituted including leading industrialists from the textile sector to make fresh recommendations. The draft Vision, Strategy and Action Plan has been submitted by the Chairman after a detailed process of stakeholder consultations across the entire value chain.

Considering the recommendations and feedback received during various consultation meetings, the Expert Committee identified basic concerns in textiles sector and identified the national priorities in the form of a Vision & Strategy and the Action Plan for attaining the targets set out in the Vision for exports, investment and employment by the year 2024-25.

The Vision projects Indian textile and apparel exports to grow from US $ 39 billion at present to US $ 300 billion by the year 2024-25. This translates into additional investment required of the order of US $ 120 billion and in the process around 35 million additional job creation is expected to take place.The draft Vision, Strategy & Action Plan for Indian Textiles & Apparels (2024) will be put up on the website of Ministry of Textiles for inviting online comments/suggestions. It will also be discussed in the forthcoming meeting with State Textiles Ministers.

The draft Vision, Strategy & Action Plan for Indian Textiles & Apparels (2024) shall remain open for comments till 18th August, 2014 after which feedback will be considered and a final Vision, Strategy & Action Plan would be finalised for seeking approval of Cabinet and adoption.