India aims at doubling the annual revenue of the textile industry in the country by 2025. The country’s textile industry currently generates about 150 billion dollars in annual revenues — 110 billion from the domestic market and 40 billion through exports.
To achieve the target, production of synthetic clothes will have to be increased manifold.While the annual production of cotton textiles is pegged at 6.5 billion kgs, about 2.5 billion kgs of synthetic textiles are made.
About 2.5 lakh new jobs were created in the garments and made-ups sector since June 2016. Garment makers were able to get benefits to the tune of Rs 55 lakhs for every crore in new investments committed under the package. The capital subsidy under the amended technology upgradation fund scheme was increased to 25 per cent from 15 per cent. A new scheme was introduced to refund state levies which were not refunded earlier. The move cost the exchequer Rs 5,500 crores but it helped in boosting the competitiveness of Indian textile exports in foreign markets. Overtime hours were increased from three hours to eight hours a week. EPF was made optional for workers earning less than Rs 15,000 a month.
The readymade garment industry is the largest contributor to the country’s textile exports and employs about 12 million persons now.