Textiles sector to offer a million new jobs

The Indian textiles sector has the potential to attract Rs 60,000 crore investments and create a million jobs over the next five years, Union textiles minister Shankersinh Vaghela said yesterday.

"The government is alive to the challenges faced by the textile sector and the announcements made in the Budget have the potential to attract investments of about Rs 60,000 crore and create one million jobs in next five years," Vaghela said at the International Textile and Apparel Congress (ITAC) organised by KSA Technopak.

Vaghela said the government has given the entire value addition chain, except mandatory excise duty on man-made fibres and filament yarn, to choose the excise exemption route.

This sector is crucial to the national economy as it contributes about three per cent to gross domestic product, has 14 per cent share in total industrial production, and 24 per cent share in total exports, he added.

The government is committed to help the industry to modernise and upgrade machinery and technology through the textile upgradation fund, the minister said.

Vaghela said that the ministry is also attempting to address the infrastructure needs of the textile industry and 11 proposals have been sanctioned for setting up apparel parks at various locations such Ludhiana, Surat and Tirupur.

Under the Textile Centre Infrastructure Development Scheme (TCIDS), 13 projects proposals have been sanctioned for upgrading the infrastructure facilities, Vaghela informed.

Besides this, the Apparel International Mart at Gurgaon and India Exposition Mart at Nodia are coming up to provide one-stop-shop and permanent display facilities.

Vaghela also added that necessary steps have been taken for restructuring of 119 NTC mills. Of which 53 viable mills are proposed for revival and 66 unviable mills are proposed to be closed by offering voluntary retirement scheme to the employees.