Govt plans new initiative to strengthen textile sector

22 May '08

1 min read

Government is trying all means to make textile sector look more attractive to domestic and foreign investors with the aim of pouring an investment worth Rs1,50,0000 million into the industry.

For the same reason, the Government will very soon take a number of initiatives including setting up of center of excellence for technical textile in various categories like geotech, meditech, agritech and biotech.

Besides, the Government has also envisaged creation of a development council that will cater solutions to the problems faced by the textile industry gradually ensuring that exports generate US $50 billion by 2010.

This in turn would increase (nearly double) the contribution of India to global textile trade from 4 to 8 percent.

What makes this entire proposition so significant is the fact that if the initiative is implemented successfully, the textile sector would create about 17 million jobs by 2012.

Some of the initiative already in force includes the Scheme for Integrated Textile Parks (SITP) and Neighborhood Apparel and Textiles Training Institutes for Job Assurance (NATIJA).

Experts are very optimistic that the strategies conceptualized by the Government will materialize boosting the economy and furthering the overall growth of the country.

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