Cabinet likely to clear textile policy tomorrow: Sources

After an FDI push, the Cabinet along with the Cabinet Committee of Economic Affairs will meet on June 22 to chart out a new textile policy to incentivise garments manufacturing through more value-added services, reports CNBC-TV18, quoting sources. NITI Aayog is also in conversation with the textile ministry on what can be done to reverse the diversion of trade from India to other emerging markets like Bangladesh, Vietnam, etc. After information technology, textile forms the largest chunk of exports from the country accounting for USD 40 billion annually. The government aims to grow exports eight times to nearly USD 300 billion over the next decade. Job creation will be another key lookout. The textile industry currenty employs 35 million people in all and government envisages doubling thsi number by 2022. Few other aspects might be spared some thought like improving skilled work force, labour reforms like better employment of women in different shifts, incentivising manufacturing rather than exports and reducing transportation costs.Watch video for more details