Commerce and Industry Minister Nirmala Sitharaman Announces Incentives For Textiles To 'Help Create Jobs'

The "extra push" given to the textiles industry through an incentive package will help create more jobs and push exports, Commerce and Industry Minister Nirmala Sitharaman said today.

"It is a sector where India has gained a lot of advantage ... It has a great potential for job creation," the minister told reporters.

This "extra push" was given to the sector due to various global developments, she said.

The Union Cabinet Wednesday June 22,2016 approved a Rs. 6,000 crore package for textiles and apparel sector with an aim to create one crore new jobs in three years and attract investments of USD 11 billion while eyeing USD 30 billion in exports.

Textiles exports contribute significantly to the country's total exports at about USD 17 billion in 2014-15. The sector is witnessing huge competition from small countries like Bangladesh and Vietnam, which have access to developed markets at lower tariffs.