VARANASI, India — India will start mass sales of old clothes in 2020, marking the first time the country has done so since it opened its doors to the international community in 1950.
The country has been struggling with a shortage of basic goods, like clothing and footwear, that can be easily exported, but the plan aims to increase the supply of these items by 10 percent.
It will also offer free gift cards for customers to buy new clothing, which is expected to increase demand for new clothing.
India has had a strong economy for decades, but its economy has been hit by a lack of foreign investment, which has left it vulnerable to shocks.
The government has launched two schemes aimed at attracting foreign capital: the New India and the New-India Foundation.
The New India aims to develop and launch new industries to boost the country’s exports.
India’s foreign exchange reserves have been depleted by more than 70 percent since 2007.
The foundation will help develop and finance new industries and help create jobs.