The new National Fiber Policy will be introduced by the government by 31st October this year. Speaking to reporters in Mumbai on Monday, Textile Commissioner A B Joshi said that the National Manufacturing Competitiveness Council set up under the chairmanship of Ajay Shankar will review the old textile policy and prepare a final report on National Fiber Policy. He said that many developments have taken place in the industry and new sectors like technical textile have emerged since the last textile policy was announced in 2000. He also pointed out that the removal of 10 per cent excise duty on branded readymade garments has provided a big boost to the sector. The Textile Commissioner was in Mumbai to inaugurate the 57th National Garment Fair which will go on till Wednesday. Nearly 35,000 retailers are expected to visit this B2B fair organized by Clothing Manufacturers Association of India – CMAI which has 589 stalls displaying 640 brands. Speaking after the inauguration, CMAI President, Rahul Mehta said that the apparel industry, estimated to be worth around Rs 2 lakh crore now, would double in the next five years.