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Related Keywords: huge opportunity for skilling, increase export, Make in India vision, New national textile policy, portfolio of great importance to rural economy of the nation, Prime Minister Narendra Modi shows faith in her capabilities, skill development, Smriti Irani takes charge of Textiles Ministry, textile sector

Smriti Irani takes charge of Textiles Ministry as Prime Minister Narendra Modi shows faith in her capabilities. She thanked Prime Minister for allocating her a portfolio which is of great importance to the rural economy of the nation.

Smriti said that she was happy to have been given an opportunity in the textile sector especially when a special package (of Rs 6,000 crore for the apparel segment) has been announced for the sector.

She is hopeful that the much-awaited new national textile policy "will soon see the light of day".

Related Keywords: fabric and garment in China, failed to address, foreign trade policy, framework for increasing exports, generation employment, goods and services, increase value addition, Make in India vision, Minister of state for commerce and Industry, Nirmala Sitharaman, specific issues on textile sector, spinning sector, yarn, zero acces entry

The Foreign Trade Policy (FTP) 2015-2020 which was undraped by Minister of State for Commerce & Industry Nirmala Sitharaman on 2nd April ,2015 provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in keeping with the Make in India vision of Prime Minister.

The local chapter of Indian Chamber of Commerce and Industry, welcomed the policy saying, it has bold initiatives and aims to achieve a compound annual growth rate of 11.5 per cent so as to increase the Merchandise and Services Exports.