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Foreign Trade Policy revision may focus on employment & export promotion
20 Mar '07
4 min read
The Government had also extended Technology Upgradation Funds Scheme with enhanced allocation which would encourage more investment and help to generate more employment. The Textile Industry on its part will also have to attain a higher level of productivity and economic viability.
Upgradation of technologies and modernization shall have to be combined with better efficiency in the use of factors of production so as to improve the product quality and cost reduction to enable our products to compete in the international market.
The assessment of the present investment scenario in the Textile and Apparel industry in India and analysis of the recent investment trends reveals the Indian Textile & Apparel Industry has been observing a significant growth.
The projected value of Indian Textile Industry is estimated to grow from US$ 47 billion in the year 2005-2006 to US$ 115 billion by the year 2012, comprising domestic market of US$ 60 billion and exports of US$ 55 billion.
The Ministry of Textiles has taken initiatives and included new schemes in the Annual Plan for 2007-08.
These include schemes for Foreign Investment Promotion to attract foreign direct investment in textiles, clothing and machinery; Brand Promotion on Public-Private Partnership (PPP) approach to develop global acceptability of Indian apparel brands; Trade Facilitation Centres for Indian image branding; Fashion Hubs for creation of permanent market place forthe benefit of Indian fashion industry; Common Compliance Code to encourage acceptability among apparel buyers and Training Centres for Human Resource Development on Public Private Partnership (PPP) mode.
Upgradation of technologies and modernization shall have to be combined with better efficiency in the use of factors of production so as to improve the product quality and cost reduction to enable our products to compete in the international market.
The assessment of the present investment scenario in the Textile and Apparel industry in India and analysis of the recent investment trends reveals the Indian Textile & Apparel Industry has been observing a significant growth.
The projected value of Indian Textile Industry is estimated to grow from US$ 47 billion in the year 2005-2006 to US$ 115 billion by the year 2012, comprising domestic market of US$ 60 billion and exports of US$ 55 billion.
The Ministry of Textiles has taken initiatives and included new schemes in the Annual Plan for 2007-08.
These include schemes for Foreign Investment Promotion to attract foreign direct investment in textiles, clothing and machinery; Brand Promotion on Public-Private Partnership (PPP) approach to develop global acceptability of Indian apparel brands; Trade Facilitation Centres for Indian image branding; Fashion Hubs for creation of permanent market place forthe benefit of Indian fashion industry; Common Compliance Code to encourage acceptability among apparel buyers and Training Centres for Human Resource Development on Public Private Partnership (PPP) mode.
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