New textile policy very soon

The long awaited new textile policy, which aims to create 35 million new jobs and boost exports to over $300 billion annually over the next decade, is likely to be unveiled, may be within the next two months, according to Santosh Gangwar, Minister of State for Textiles. The Textile Ministry has also started the process of settlement of dues related to old cases under the Technology Upgradation Fund Scheme. It plans to notify the guidelines of the Amended Technology Upgradation Fund Scheme (A-TUFS), recently cleared by the Union Cabinet, in a week following which it will start accepting applications for funding under the scheme. “The draft textile policy is ready and discussions are on. We hope to place it before the Union Cabinet in a month’s time,” Gangwar told the media after inaugurating the India International Garment Fair (IIGF) organised by the Apparel Export Promotion Council. The Centre had initially planned to ready the policy after the announcement of the Union Budget last year, but it got stuck as discussions with other ministries including Finance and Labour over financial incentives and relaxation in regulations were delayed.
Gangwar said the textile industry would greatly benefit from the amended TUFS, under which apparel, garment and technical textiles will get 15 per cent subsidy on capital investment, subject to a ceiling of Rs 30 crore over a period of five years. .