The government on Monday envisaged textile and garment exports growing to a whopping $300 billion by 2024-25 from around $39 billion in the last fiscal.
According to the textile vision document prepared by Ajay Shankar, chairman of the expert committee and member secretary of the National Manufacturing Competitiveness Council, the country would need roughly $120 billion in investment by 2014-15 to realise this target. Higher exports would also help double employment in the sector to 70 million by then, it added.
The textile ministry had initiated the process of reviewing the National Textile Policy, 2000, and accordingly an expert committee was constituted including leading industrialists from the textile sector to make fresh recommendations. The draft vision, strategy and action plan will be put up on the website of the textile ministry for inviting online comments/suggestions until 18th August after which feedback will be considered and a final action plan would be prepared and placed before the Cabinet for approval.
Importantly, the country's textile and garment exports fell short of the target of $43 billion in 2013-14 despite a rupee depreciation.