Govt should announce new textile policy at the earliest
Updated: Jul 03, 2014 02:53:08pm
New Delhi, Jul 3 (KNN) An industry delegation has asked Textiles Minister Santosh Gangwar to announce the new National Textile Policy at the earliest to provide long term road map for the sector.
“This policy is required to treble the share of India in world’s exports of textiles and also to attract large scale investments in the sector,” said the Federation of Indian Chambers of Commerce and Industry (FICCI) Chairman Shishir Jiapuria in a meeting on Wednesday.
The delegation was led by FICCI President Sidharth Birla and other members including IL&FS Education CEO and Managing Director RCM Reddy and Association of Synthetic Fibre Industry (ASFI) Secretary General SC Kapur.
The Expert Committee set up for reviewing the National Textiles Policy (NTP) 2000 and formulating new NTP has set up a target of trebling the share of India in world exports of textiles and clothing.
FICCI’s Vision is that with the support of the policy, industry can achieve a size of USD 145 billion of exports in the next ten years.
According to the chamber, it is estimated that the target of trebling the share of India in world exports of textiles and clothing would require the country’s exports to grow at a Compound Annual Growth Rate (CAGR) of 15.1 per cent over the ten year period (assuming world exports in textiles and clothing grow by 5 per cent) to reach the size of USD 145 billion by end of the policy period.
Assuming the GDP grows by 7 per cent on an average over the policy period and domestic textiles industry by 7 per cent, it indicated that the textiles industry would be a USD 278 billion industry.
This has potential to create additional employment of 20 million people directly in the sector, FICCI said.
Other major issues raised by the industry body are not to levy Compulsory Excise Duty on branded garments, keeping industry in the priority/lowest slab of GST, enabling labour laws to achieve the desired targets and encouraging the production and consumption of certain technical textiles. (KNN/ST)
“This policy is required to treble the share of India in world’s exports of textiles and also to attract large scale investments in the sector,” said the Federation of Indian Chambers of Commerce and Industry (FICCI) Chairman Shishir Jiapuria in a meeting on Wednesday.
The delegation was led by FICCI President Sidharth Birla and other members including IL&FS Education CEO and Managing Director RCM Reddy and Association of Synthetic Fibre Industry (ASFI) Secretary General SC Kapur.
The Expert Committee set up for reviewing the National Textiles Policy (NTP) 2000 and formulating new NTP has set up a target of trebling the share of India in world exports of textiles and clothing.
FICCI’s Vision is that with the support of the policy, industry can achieve a size of USD 145 billion of exports in the next ten years.
According to the chamber, it is estimated that the target of trebling the share of India in world exports of textiles and clothing would require the country’s exports to grow at a Compound Annual Growth Rate (CAGR) of 15.1 per cent over the ten year period (assuming world exports in textiles and clothing grow by 5 per cent) to reach the size of USD 145 billion by end of the policy period.
Assuming the GDP grows by 7 per cent on an average over the policy period and domestic textiles industry by 7 per cent, it indicated that the textiles industry would be a USD 278 billion industry.
This has potential to create additional employment of 20 million people directly in the sector, FICCI said.
Other major issues raised by the industry body are not to levy Compulsory Excise Duty on branded garments, keeping industry in the priority/lowest slab of GST, enabling labour laws to achieve the desired targets and encouraging the production and consumption of certain technical textiles. (KNN/ST)
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