Indian Textile Industry Facts

Indian Textile Industry Facts  prove that Indian textile industry is one of the oldest and the largest industries in India. Indian textile industry is growing at the rate of 20% each year and it is contributing 4% to the Gross Domestic Product (GDP). In terms of employment textile industry in India is the second largest employer, only second to agriculture, employing more than 35 million people across the nation.

Indian Textile Industry Overview
Global textile industry stands at US$ 4,395 bn and the total global trade for textile and clothing is of US$ 360 bn. The Indian textile industry is expected to be at US$ 36 bn, which makes 27% of total foreign exchange earned by India. Out of this the export from textile is US$17 bn. The Indian textile industry at global level has many products as cotton yarn and fabrics, synthetic yarns, man-made yarn, man-made fabrics, wool and silk fabrics and variety of garments.

For the period of three decades after independence there has been seen considerable growth in the  Indian textile industry but the next decade has seen considerable growth. Moreover with the Economic Policy of 1991 and the Textile Policy of 1985, the liberalization of trade and economy came into existence that has given boost to the textile industry. So the growth in fourth and fifth decade is immense. Also India has the huge manufacturing base for the textile industry and immense production of raw material. In this Cotton textile is the base of Indian textile industry. Cotton's share in this industry is 60% whereas other man made fibers are at 25%.

Government of India is also taking initiatives for the growth of textile industry. Many new schemes and policies are coming into shape to uplift the textile sector. 50 new textile parks under the scheme for Integrated Textile Parks (SITP), are expected to come that is proposed by the Ministry of textile and out of 50 textile parks 30 have already been sanctioned. Apart from this Technology Mission on Cotton (TMC), Technology Upgradation Fund Scheme (TUFS), Setting up of Apparel Training and Design Centres (ATDCs), Revival plans of the mills run by National Textiles Corporation (NTC) etc has also been done by the Government. Achieving all these will surely change the face of Indian textile industry.

Source : articlesbase