Policies to help Indian Textile Industry

The textile market in India has been a boom thanks to its creative designs, hard work from labor and efficient management. However what needs to be paid attention is the extra support in research and development which can further help the Indian textile industry gain traction in the world economy.

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Policies to help Indian Textile Industry
Policies to help Indian Textile Industry
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The target for the textile industry is $300 billion by 2025. This can only be achieved by the right policies, which will help exports to reach a worldwide reach.

A paper representing the 9th Asian Textile Conference stated-

“Through policy measures by the government in partnership with the industry, India could achieve USD 80 billion textile and apparel exports at an annual growth of 9 percent. The overall market is expected to grow at 11 percent annually to reach USD 220 billion by 2025.”

What is actually required is beyond extreme Research and Development to help productivity so that quantity of manufacture is increased along with quality which will be acceptable to export markets. The labor laws need to be changed too as it currently does not favor maximizing the output of textiles.

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The Textile commissioner Dr. Kavita Gupta has emphasized that the government is helping the textile industry. Textile parks will be further built to tie in value chains in one spot, which will reduce costs and less time-consuming.

Kavita Gupta said-

“We have 72 such parks, which has brought in a lot of investments, but there is still a lot more opportunities in this segment.”

So far the government has encouraged the textile industry with several policies. There is an Rs. 6,000 crore apparel package, Rs. 1,300 crore skill development scheme to help grow skills of workers and government support for upgrading technology.

The textile industry is very important in India with 45 million people and further helps in various other fields.

A crucial reformation on policies needs to be carried out, as statistics have been drastically down this year.

Sharp fall in exports of cotton textiles by 16%, apparel by 14% and manmade textiles by 7% has hurt the textile industry.