Govt to come up with new initiatives for textile sector

NEW DELHI: In a bid to attract investments worth Rs 1,50,000 crore by 2010 into the textiles sector, the government will soon unveil a host of new initiatives including setting up of a centre of excellence for technical textile in different categories like geotech, meditech, agritech and biotech.

The government plans to create a development council to identify the problems faced by the textile industry and suggest possible solutions with an aim to achieve export target of $50 billion by 2010 and to double the country���s share in global textile trade from current 4% to 8%.

The initiatives would help the sector create about 1.7 crore jobs by 2012. The government has already launched some initiatives like the Scheme for Integrated Textile Parks (SITP) and Neighbourhood Apparel and Textiles Training Institutes for Job Assurance (NATIJA) for achieving these goals, the official release of the company said.