Among many initiatives in 2016, the Indian government announced the Rs 6,006 crore special package for the apparel sector and amended the Technology Upgradation Fund Scheme (TUFS). However, the textiles ministry is yet to announce the much awaited National Textiles Policy, which is expected to boost prospects of the textile and apparel sector.
The Rs 6,006 crore special package for the apparel industry seeks to create one crore new jobs in three years, while attracting investments of $11 billion and at the same time garner an additional $30 billion in exports. The package also included major labour law reforms, a long time demand of the sector.
While the textiles ministry amended the Technology Upgradation Fund Scheme (A-TUFS) to offer a one-time capital subsidy for investments in technology and employment intensive sub-segments of the textile sector.
“On the National Textiles Policy, which is in the making since the previous government, the textiles ministry invited recommendations from stakeholders in drafting the roadmap of the policy, earlier this year,” a news agency reported.
The policy has a goal to accomplish $300 billion in exports from the industry by 2024-25, while also creating 3.5 million jobs. The industry is anxiously awaiting the policy as it is expected to make Indian textile and apparel products more competitive in global markets. (AR)Click here to download (pdf) Year End Review 2016 by Ministry of Textiles
Fibre2Fashion News Desk – India
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