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India looks to formulate a new 10 year textile policy

India’s new textile policy will envisage positioning the country as a fully integrated, globally-competitive manufacturing and exporting hub. The 10 year policy will entail the strategy and action plan for the country's textile and apparel sector. The formulation of the new policy has been under consideration for some time now. It envisages the creation of an additional 35 million jobs.

The existing textile policy was framed about 13 years ago. Since then, the industry has undergone various changes on the domestic and international front. The domestic textile industry has seen large-scale modernisation and technological upgradation in the last decade and faces new challenges.

India has set up institutional mechanisms to enable the textile industry achieve its full potential of production, exports and employment. One is a Knowledge Network Management System (KNMS) which will facilitate exchange of knowledge between academia, the farming community and the industry on the productivity of natural fibers and diversification of their by-products. The KNMS will cover jute, silk, wool and cotton. Another is a synergy group on manmade fibers which will formulate policy interventions to enhance the growth and competitiveness of the manmade fiber industry in India. India has a great chance to capture the market for manmade fibers that’s been vacated by China.