New Delhi, July 20 (KNN) The textile sector can reduce India's rising Current Account Deficit (CAD), strengthen rupee and create more jobs if timely decisions are taken and implemented, Minister for Textile, Kavuru Sambasiva Rao has said.

He also said, the new textile policy is going to be announced soon with a lot of incentives for the sector.  

“Textile industry has the potential to resolve the problem of ever rising Current Account Deficit (CAD) and can strengthen the weak rupee, if speedy decisions are taken, favourable policies are drafted and implemented on urgent basis to support the textile sector,” said the Minister in an event organised by Confederation of Indian Industry (CII), here yesterday.

Further, it can contribute more to Gross Domestic Product (GDP) by creating numerous jobs. “We need to integrate the sector, build a chain and should only export the finished products, retail garments, apparels, non-woven fabrics, composites etc., in order to achieve this,” he said. 

The Minister has assured the Prime Minister that the textile sector can easily touch exports of 43.7 billion USD the next year, which will be 30 per cent compare to 33.7 billion USD exports in 2012.

The textile sector in India has tremendous potential considering, strong production base, labour, strong domestic demand etc.

Moreover, softer labour laws for the sector, creation of better infrastructure, availability of power, land and credit can help the sector to grow more. (GUNJ/KNN)