At the annual general meeting of CITI, Ravi Capoor, Textile Secretary, revealed that the government plans to soon announce the National Textile Policy that would unleash India’s textile potential, and make it globally competitive, says an Economic Times report.
Capoor informed the government is also working on a Focus Product Scheme, wherein it has analyzed the export data of top-40 manmade fibre (MMF) products and found that India has a miniscule share of just 0.7 per cent in the total global market of $150 billion.
Similarly, in the top-10 technical textile lines, India just has a share of 0.6 per cent out of the total global market size of $100 billion. He further said, a study done by the government has revealed that by 2030, the share of MMF-based textile and apparel products will reach 80 per cent. The share of cotton will decline to 20 per cent as the global demand for MMF based products is more.