The Union government is reportedly mulling over a slightly modified and more simplified version of the textile policy.
Textiles Secretary Rashmi Verma has reportedly told a national daily that the new policy was meant to increase production and productivity of the industry, generate employment, decrease production cost, besides penetrating newer markets, introducing more value-added products in the market, and focusing both on exports and domestic markets.
Besides, the industry may also be looking at several changes in labour laws, including allowing women to work at night.
Considering modifications in contract laws as well, she said that she is in talks with the Labour Ministry. Citing issues plaguing the textile industry, like high production cost, spike in interest rates on working capital and increase in labour wages, she has said that to overcome these issues that have slowed down the growth of the industry, her office will chalk out, along with the Finance Ministry, a way to offer some tax incentives to weavers. Apart from tax incentives, she said the government is also considering tax holidays and interest subvention as well.
On the revised Textile Upgradation Fund Scheme, she is reported to have said that the revised guidelines has already been finalised and that it is being placed before the Cabinet.
