Ministry Decided to change Textile Policy in India.

The meetings was held in Delhi and Mumbai for the decision on the Textile Industry Policy and the Textile Ministry  may declare the new National Policy in the Coming month.

Minister Santosh Kumar Gangwar has called a meeting to finalise the policy latest by next monthIn a meeting with stakeholders last week, ministry aims to make India a net exporter of finished products. 

Ministry also focused on the need to increase the foreign direct investment (FDI) in the sector. According to the Ministry Indian brands should grow and enhance their visibility at the global level which can be achieved by providing a push of FDI in the Indian retail sector.

Ministry thinks  Chinese demand for cotton is declining so this is the right time to introduce the favourable textile policy for the market as the cotton production in the country is on rise. The sector can achieve $650-billion growth by 2024-25 as the draft vision paper, given to the ministry in July, aims at bringing investment of $120 billion. Also, the sector needs 35 million workers to achieve the growth target.

Rahul Mehta, president of Clothing Manufacturers Association of India, said.  “This document, if converted into policy, will be a game-changer for the apparel sector. For the first time, the government has recognised the importance of the domestic sector, and that apparel is the apex sector which must be encouraged”

The draft policy talks about promoting the latest technology. The government launched the technology upgradation fund scheme to spur growth in the sector. At present, the ministry is not keen to make benefits of the scheme available for second-hand machinery.