The new national textile policy, which seeks to introduce flexible labour laws, create integrated textile parks, attract higher investments and generate more jobs, will be announced after the Union Budget scheduled next month.

Minister of State (Independent Charge) for Textiles Santosh Gangwar, who has been working on the long-delayed policy since he assumed office last year, however, did not give an exact time-frame within which the policy could be expected.

“Let the Budget come. After that,” Gangwar said, when asked by the media about the policy.

Gangwar was inaugurating the fifth edition of Tex Trends in New Delhi – a global exhibition that has attracted buyers from all major markets such as the US, the UK, Spain, Australia, Canada, Japan, Brazil, France, Italy, UAE, South Africa and Turkey.

According to Virendra Uppal, Chairman of Apparel Export Promotion Council, the on-going slowdown in China was a big opportunity for India.

“The need of the hour is to occupy the space left vacant by China and the ready made garments sector has the due potential, with the desired policy push from the Government,” he said. Uppal also called for more export sops for the sector and cheaper finance.

The Textiles Ministry is also working on getting State governments on board on the provisions of the proposed National Textile Policy.

The Ministry wants to partner with States for reengineering of existing schemes and policies such as the integrated textile parks, Technology Upgradation Fund Schemes and Integrated Processing Development Scheme.

Textiles exports contribute more than 13 per cent to the country’s export basket. The textiles sector exported goods worth $41.57 billion in 2013-14.

The textile policy wants to push exports to $300 billion by 2024-25 and create an additional 35 million jobs.