Among many initiatives in 2016, the Indian government announced the Rs.6,006 crore special package for the apparel sector and amended the Technology Upgradation Fund Scheme (TUFS). However, the textiles ministry is yet to announce the much awaited National Textiles Policy, which is expected to boost prospects of the textile and apparel sector.
The special package for the apparel industry seeks to create one crore new jobs in three years, while attracting investments of 11 billion US dollar and at the same time garner an additional 30 billion US dollar in exports. The package also included major labour law reforms, a long time demand of the sector.
While the textiles ministry amended the Technology Upgradation Fund Scheme (A-TUFS) to offer a one-time capital subsidy for investments in technology and employment intensive sub-segments of the textile sector.
On the National Textiles Policy, which is in the making since the previous government, the textiles ministry invited recommendations from stakeholders in drafting the roadmap of the policy, earlier this year.
The policy has a goal to accomplish 300 billion US dollar in exports from the industry by 2024-25. The industry is anxiously awaiting the policy as it is expected to make Indian textile and apparel products more competitive in global markets.
Apparel and Textile News, Apparel Talk, Indian Apparel
