"We have requested the Minister to announce the new policy at the earliest to provide a long-term road map for the industry.
The policy is required to treble the share of India in world's exports of textiles and also to attract large-scale investments in the sector.
We are hopeful of an early announcement of the policy by the Government," Chairman of Ficci Textiles Committee Shishir Jaipuria said.
The industry chamber has envisioned that with the support of the policy, the textiles sector can achieve $ 145 billion of exports in next ten years.
Ficci estimates that this target of trebling the share of India in world exports of textiles & clothing would require our exports to grow at a Compounded Annual Growth Rate ( CAGR) of 15.1 per cent over the ten year period (assuming world exports in textiles & clothing grow by 5 per cent).
Further, assuming India's economy grows by 7 per cent on an average over the policy period and assuming domestic textiles industry also grows by 7 per cent, Ficci estimates the textiles industry would become a $ 278 billion industry.
This has potential to create additional employment of 20 million people directly in the sector, it said.
Ficci also asked the Textiles Minister not to levy compulsory excise duty on branded garments.
Besides, it suggested that textiles & clothing industry be kept in the priority/lowest slab of Goods & Services Tax as it provides a basic necessity to the masses with large-scale employment potential.