The Ministry of Commerce, Government of India, will soon release a strategy paper mentioning the ways to increase competitiveness of Indian textiles in export markets.
The competitiveness of Indian textiles in global markets is decreasing, while countries like Sri Lanka and Turkey are becoming more competitive in this sector, a news agency said quoting a senior official from the ministry.
The move to unveil a strategy paper is important as textiles account for more than 10 per cent of India’s total exports.
Meanwhile, the Ministry of Textiles is expected to soon come out with a National Textiles Policy, aiming to achieve US$ 300 billion exports by 2024-25 and creating additional 35 million jobs.
Further, the Indian government is likely to announce some incentives for the textiles sector in the foreign trade policy, to be unveiled in the second week of April, 2015.