The new textiles policy will focus on a three-pronged approach to boost the growth of Indian handicraft sector, which is facing tough competition from international players.
According to sources, the approach involves incentivising expansion of production base for quality manufacturing of handicraft products used for interior decoration and lifestyle purposes.
"We are focusing on promoting premium handicraft products for the niche market along with preservation and protection of heritage and endangered crafts," a senior Textile Ministry official told PTI.
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 is currently engaged in consultation with stakeholders including states and working out the financial implications of the policy with its Finance counterpart.
It had set up an expert committee headed by Ajay Shankar, member secretary, national manufacturing competitiveness council for review and revamp of the textile policy 2000.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
