COIMBATORE, July 18: A new textile policy would be formulated by this year end in view of the intense competition in global trade, Union textile minister Kashiram Rana said here today.He told reporters that an expert group, headed by former textile secretary, S R Sathyam, had been set up for the purpose. Another seven to eight members would be drawn from different segments of the textile sector, the minister said.The group would recommend steps to be taken for healthy growth of the sector and submit its report within three months, Rana said.Stating that the global textile scenario was bound to change within the next five years, he said the country was following a textile policy formulated in 1985.The minister expressed confidence that India, with proper utilisation of human resources, could be competitive in the global market. It was also possible for the country to achieve a growth rate of 20 per cent in exports, he said.Though this sector contributed to one-third of the country's totalforeign exchange revenue, India's share of the global textile trade was only 2.9 per cent compared to China's 18 per cent, Rana said.Asked about the technology upgradation fund, Rana said the draft was almost ready and would be sent to the ministry for cabinet approval. Such a scheme was being made available to the textile sector for the first time after the seventh five-year plan, he said.The ministry, after consultations with the commerce and finance ministries, would identify the nodal agency for providing credit to the industry for technology upgradation and modernisation at concessional rates of interest.To a question on the viability of NTC mills, Rana said the team, which had been appointed to look into this aspect, would soon submit its report.Earlier, addressing members of the South India Mills' Association, he said the government was committed to the welfare of the industry and would like to see different segments grow harmoniously and contribute to the economy.
