Apathetic behaviour in initial days and lukewarm response from investors are reportedly among major reasons which have made India miss its investment target worth Rs. 40,000 crore and creating 11 lakh jobs by 2017.
According to reports, the sector has managed to receive investments of just Rs. 16,371 crore, with the potential to generate 2.50 lakh jobs by March 2017.
Despite series of steps such as 2015 textile policy, which make it mandatory to have textile hubs concentrated in the cotton growing belt of Vidarbha and Marathwada, to minimize the cost of transporting raw cotton and other expenses, could not help realize India’s dream.
Further, State Economic Survey 2016-17 underlined, “There are 16 textile parks functioning with employment of 0.23 lakh. Currently, there are 10.01 lakh powerlooms in state (Maharashtra, in particular) with 19 lakh employment.”
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The Indian Government is also making its efforts to restructure and revive loss-making textile mills.
