Textile Policy to achieve $300 bn Exports by '25

Textile Policy to achieve $300 bn Exports by ’25

The new textile policy aims at achieving 300 billion US dollar textiles exports by 2024-25 and envisaging creation of additional 35 million jobs with focus on a three-pronged approach to boost the growth of Indian handicraft sector facing tough competition from international players.

The textiles ministry is currently engaged in consultation with stakeholders including states and working out the financial implications of the policy with finance ministry.

The policy had set up an expert committee headed by Ajay Shankar, member secretary, national manufacturing competitiveness council, for review and revamp of the textile policy 2000.

According to sources, the approach involves incentivising expansion of production base for quality manufacturing of handicraft products used for interior decoration and lifestyle purposes.

A senior textile ministry official said that they are focusing on promoting premium handicraft products for the niche market along with preservation and protection of heritage and endangered crafts.

The government has initiated steps like Market Development Assistance (MDA) Grant and Market Access Initiative (MAI) assistance for participation in fairs & exhibitions/reverse/buyer-seller meet in the country and abroad to promote Indian handicrafts.

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