The government has announced a Rs6,000-crore package for the textiles and apparels sector to help it wrest a bigger share of the global market. The package also provides the sector more flexible labour laws and financial incentives. It hopes the package will create one crore new jobs in three years, attract Rs74,000 crore in investment and generate $30 billion in exports earnings.
“The package will help in realising the true potential of employment generation in the textile and apparel sector,” Finance Minister Arun Jaitley said at a briefing on Cabinet decision. The thrust of the package is to make this labour-intensive industry cost competitive and achieve economies of scale, which can help it corner a bigger share of the global market. “We will overtake Vietnam and Bangladesh in garment exports within next three years if we properly implement the package,” Textiles Secretary Rashmi Verma said.