The Union Textiles Ministry is gearing up to announce the national textiles policy soon.
Textiles Ministry Additional Secretary Pushpa Subrahmaniam said the Union Ministry has completed consultations with the stakeholders and outreach sessions with the industry on the issue and the policy would be ready soon.
Ms. Subrahmaniam was here to invite industry to participate in the Textiles India 2017, a global exhibition of textiles and related segments slated from June 30.
Prime Minister Narendra Modi would inaugurate the three-day event to be held in Gandhinagar and representatives from over 60 countries had already registered their participation.
The event, she said, is being planned to ensure that the annual calender of the global exhibitions would also figure India which is one of the largest markets in the world.
She said the inputs from India Textiles 2017 would also be considered in finalising the textiles policy, which is expected to be announced by the end of next month.
The country’s exports dropped after the stringent provisions that were put in place in the European markets, but the drop was very marginal as the country had no issues with compliances.
Exports witnessed seven per cent growth from July last fiscal after the government had announced an apparel package putting in place measures like reimbursement of 3.5% to 4.5% duty drawback on the State duties.
These measures are aimed at addressing the complaints from exporters that there is no level playing field for them in the European markets compared to countries like Bangladesh which scrapped the import duties on textiles.
With the largest exporter China expected to cede space, the Ministry is confident of huge opportunities to the textile sector in the global markets as India is the only country comparable to China in the entire value chain of the textile products.
The Textiles Ministry had therefore fixed a target of $45 billion exports during the current fiscal and is confident of achieving it.
