New textile policy may be finalised in next three months

Arvind Fashions' interest cost for FY20 was Rs 289 crore, while the operating profit for the same fiscal was Rs 231 crore.

The much-awaited new textile policy is likely to be finalised in the next three months, a senior official said on Monday.

"After consultation is done with stakeholders we have finalised the draft. We are now trying to incorporate international response and output from foreign players at the forthcoming Textiles India-2017 conference, which will serve as input to our textile policy," Textiles Secretary Anant Kumar Singh told reporters at a CII event.

"There is no harm in having a wider consultation. After having inputs, we will process and finalise the policy in next three months period", the officer added.

The policy aims to achieve USD300 billion (over Rs 20 lakh crore) worth of textile exports by 2024-25 and create an additional 35 million jobs.

According to Singh, the Centre is organising Textile India Conclave and Exhibition in Gujarat from June 30 to July 2, for the Indian textile and handicraft sector which will showcase the entire range of textile products from 'fibre to fashion'.

It will be inaugurated by Prime Minister Narendra Modi, added Singh.

The event will have over 1,000 stalls and will witness the presence of over 2,500 discerning international buyers, agents, designers, retail chains from across the world, and 15,000 domestic buyers.

The three-day event will include a global conference with six themes, to be chaired by concerned Union Ministers.

The valedictory session will be presided by Union Finance Minister Arun Jaitley.