The Centre will soon unveil a textile policy to boost sagging exports and encourage investments in the sector. Inaugurating the 62{+n}{+d} National Garment Fair in Mumbai on Wednesday, Kavita Gupta, Textile Commissioner, said the draft of the new textile policy is ready and the final version would be announced soon.

“We see the slowdown in China as an opportunity and are looking at $40 billion of textiles exports this fiscal. The Textile Ministry would give full support to the industry in time of distress,” Gupta said. Textiles and clothing exports were at $41.4 billion in 2014-15 and $39.31 billion in 2013-14.

On the progress of exclusive textile parks, she said the Centre had approved 72 textile parks but only 25-30 are operating fully while the rest are lying idle. The readymade garment industry generates largest employment after the agriculture sector and the Centre is extending its full support to this segment by extending 15 per cent capital subsidy against 10 per cent offered to other sectors of the textile industry, she said.

With 13 per cent share in the overall textile industry, technical textile is fast emerging as the sunrise sector.

Technical textile industry is projected to grow at 20 per cent year-on-year, she said. Organised by the Clothing Manufacturers Association of India, the fare has 283 stalls displaying over 330 brands and over 15,000 retailers and traders expected to visit this fair.

Rahul Mehta, President, CMAI, said exports of ready-made garments are expected to touch $17 billion in 2015-16 against $16 billion in the same period last year. Exports to South America, Eastern Europe and West Asia have increased significantly, but uncertainty still prevails in Europe, which is a major market, Mehta added.