Govt to introduce new textile policy in April
The government is likely to bring out a new textile policy in April this year, Textile Minister Santosh Kumar Gangwar revealed on Thursday.
“The long awaited national textile policy is nearing finalisation and is likely to be issued before the end of April 2016,” Gangwar said.
Expressing his confidence over the release date, the Textile Minister said that talks with all stakeholders have been going on and the new textile policy would be released during the upcoming Lok Sabha budget session.
The minister was speaking to media during the ongoing Make in India week in Mumbai.
The new textile policy envisages to increase India’s textile exports to $300 billion over the next decade and also generate 35 million jobs in the process. Currently, the country’s textile exports have been growing at 7-8% per year, while the other developing countries such as Vietnam, Thailand and Bangladesh have been making rapid progress in their textile production and exports.
Of late, India has expedited its trade and investment activities in the international markets, especially after the US and 11 other Pacific-Rim countries signed the ambitious Trans-Pacific partnership. The Indian government has conducted workshops with trade analysts, industrialists and political stalwarts to better understand the implication of the TPP.
Presently, India is in the process of negotiating a Foreign Trade Agreement (FTA) with the European Union, besides pursuing the same with the US and Canada. It is also holding regular talks with the member nations of the Regional Comprehensive Economic Partnership (RCEP), in addition to reviewing the existing trade agreements including the India-Korea Comprehensive Economic Partnership Agreement and the Indo-ASEAN FTA.
RCEP negotiations, which began in Phnom Penh in November, consist of 16 members, currently accounting for more than a quarter of the world’s economy.
The government is also in the midst of reviewing existing trade agreements such as Indo-ASEAN FTA and Indo-Korea Comprehensive Economic Partnership Agreement.
Last year, it introduced the Technology Upgradation Fund Scheme (TUFS) to modernize the Indian textile industry with a total investment of Rs.17,800 crore.
February 18, 2016| 06:28pm IST.
The facilities will provide refrigerated container plug-in facilities for cold warehousing..
Read more
The imposition tariffs by Beijing are in response to the 25% on duty on steel and 10% on ..
Read more
The Government has permitted exports of white sugar until September 2018 under DFIA scheme..
Read more
to success.