India’s new textile policy will focus on a three-pronged approach to boost the growth of the Indian handicraft sector, which is facing tough competition from international players.
The approach involves incentivising expansion of the production base for quality manufacturing of handicraft products used for interior decoration and lifestyle purposes.
The policy is focusing on promoting premium handicraft products for the niche market along with preservation and protection of heritage and endangered crafts.
The new policy aims to achieve 300 billion dollars of textile exports by 2024-25 and envisages the creation of an additional 35 million jobs. Various initiatives have been launched to strengthen textile production and encourage the industry to cater to domestic and international markets efficiently.
The textile industry is a diverse sector, which includes everything from small handloom factories to large garment plants. The sector operates in both organised and unorganised forms and is known for its close association with agriculture.
The government is encouraging investment in the textile sector through 100 per cent foreign direct investment via the automatic route.
In 2014-15, the industry recorded a growth rate of 5.4 per cent. As far as machinery is concerned, 24 per cent of the world’s spindles and eight per cent of the world’s rotors are present in the country.