Union commerce ministry will soon release a strategy paper mentioning the ways to increase competitiveness of textiles in export markets.
The competitiveness of Indian textiles in global markets is decreasing, while countries like Sri Lanka and Turkey are becoming more competitive in this sector, a senior official from the ministry said.
The move to unveil a strategy paper is important as textiles account for more than 10 per cent of country’s total exports.
Meanwhile, the ministry is expected to come out with a National Textiles Policy, aiming at achieving 300 billion US Dollar exports by 2024-25 and creating additional 35 million jobs.
Further, the centre is likely to announce some incentives for the textiles sector in the foreign trade policy, to be unveiled in the second week of April.
