Textiles minister Piyush Goyal aims to scale up the industry' s capacity 10 times by boosting investment and employment in the sector. Goyal has mandated his team of officers in the ministry to prepare a detailed action plan for each segment — ranging from fibers and garments to handloom and handicraft — along with the deadline. He has directed them to focus on man-made fiber along with technical textiles and handlooms.

The government hopes that a series of steps, including the extension of Rebate of State and Central Taxes & Levies (RoSCTL) will provide clarity to exporters when they negotiate contracts. Similarly, integrated textiles parks with the proposed free trade agreements with the UK and the EU are expected to provide further fillip to Indian exporters. With lower duties in these crucial markets, the textiles industry hopes to compete more favorably with rivals such as Bangladesh, which enjoy wage and tariff advantages.

The ministry has proposed steps such as Mudra loans for startups to buy cotton-plucking machines for renting to farmers. Goyal hopes to replicate the strategy adopted by him in his earlier assignments, such as a massive LED bulbs scheme and steps to scale up renewable energy space and coal production. He has also asked his team to focus on improving the quality of handloom and handicrafts and standardizing it.

Source: FW