The new policy aims to achieve USD 300 billion textiles exports by 2024-25 and envisages creation of additional 35 million jobs.
The Textiles Ministry has set up an expert committee headed by Ajay Shankar, member secretary, national manufacturing competitiveness council for review and revamp the textile policy 2000.
"The expert committee has since submitted a draft vision, strategy and action plan. The new National Textiles Policy, is currently under finalisation," Textiles Minister Santosh Gangwar said in a written reply to the Rajya Sabha.
The new policy also aims to address concerns of adequate skilled work force, labour reforms, attract investments in the textile sector, and to provide a future road map for the textile and clothing industry.
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Replying to a separate question, he said that so far 70 textiles parks have been approved throughout the country.
"Necessary action is taken in consultation with state governments to ensure that the sanctioned parks are completed in time and textile commissioner has been directed to monitor this on regular basis, extend necessary guidance and support for completion in time," he added.
"Import duty on raw silk is continued at 15 per cent," he said.
Raw silk imports during April-February 2014-15 were 3,189 tonnes, as against production of 28,474 tonnes.