According to a medium term Action Plan drawn by the Ministry of Textiles, an investment of Rs1.94 lakh crore in the textile sector is needed for it to maintain international standards and meet targets chalked out in the 11th Plan.
It also said that the proposed investments in areas like spinning, weaving, knitting, processing and garmenting would give jobs to 14 million people in the country.
The Action Plan, called Vision 2015, foresees a growth rate of 16 percent. This is expected to augment the share of the Indian textile sector to 9 percent in the international market, with an export basket of $64 billion.
Another reason for the proposed investment is tough global competition which new countries like Sri Lanka, Cambodia, Pakistan and Bangladesh are giving to India.
The MoT plan has also focused on areas such as apparel and garments, fibre availability, skill development, textile machinery and technical textiles.
Special emphasis has been put on Scheme for Integrated Textile Park (SITP) and Textile Upgradation Fund Scheme (TUFS). Even the corpuses of both the schemes have been enhanced.
Division created by policies leading to different duty structure, outmoded technology and poor fabric quality are some other concerns listed by the Action Plan.
It also said that the proposed investments in areas like spinning, weaving, knitting, processing and garmenting would give jobs to 14 million people in the country.
The Action Plan, called Vision 2015, foresees a growth rate of 16 percent. This is expected to augment the share of the Indian textile sector to 9 percent in the international market, with an export basket of $64 billion.
Another reason for the proposed investment is tough global competition which new countries like Sri Lanka, Cambodia, Pakistan and Bangladesh are giving to India.
The MoT plan has also focused on areas such as apparel and garments, fibre availability, skill development, textile machinery and technical textiles.
Special emphasis has been put on Scheme for Integrated Textile Park (SITP) and Textile Upgradation Fund Scheme (TUFS). Even the corpuses of both the schemes have been enhanced.
Division created by policies leading to different duty structure, outmoded technology and poor fabric quality are some other concerns listed by the Action Plan.
