Future scope of the Textile Industry

 

Introduction

The Indian textile industry is now in a scenario of threats and opportunities. While it enjoys opportunities to gain an advantage in unrestricted markets, it also faces unexpected threats. During 2010, the Indian textile industry has been facing many difficulties. Earlier, the global economic crisis caused a series of financial difficulties like closures, small capacity utilizations, layoffs and a decline in sales etc. Now, an acute increase in textile product prices and declining exports to the US because of competition are putting the textile industry in a challenging situation. Although, several amounts of recovery produced a ray of hope in the minds of people.

Indian Textile Industry

Textile Industry

The close association of the textiles industry with agriculture and the former culture and traditions of the country. In terms of textiles, it is unique as compared to other industries in the country. Hence India is known as the world’s second-largest manufacturer of textiles and garments and the world’s third-largest manufacturer of cotton after China and the USA. The Indian market is also the second largest in terms of using Cotton, after China.

India needs to have a new textile policy

Key facts related to the Indian Textile Industry:

  1. The second-largest employer in India after agriculture, the textile industry employs an estimated 32 million people and produces everything from fibre to clothing.
  2. Millions of households depend on the textile industry for their livelihood. But it also serves as a repository for traditional skills, and cultural history, and a conduit for heritage and custom.
  3. One of the oldest businesses in the Indian economy is textiles.
  4. With over 11% of all exports, the textile industry is one of India’s major export contributors.
  5. The textile business requires a lot of labour.
  6. The organized and unorganized sectors make up the two main divisions of the textile industry. Handicrafts, sericulture, and handloom are among the unorganized sector’s small-scale, conventionally operated businesses. While the organized sector includes the spinning, clothing, and textiles segments that use contemporary equipment and procedures like economies of scale.

Importance of the Textile Industry in India:

  1. The national economy has benefited greatly from the textile industry in terms of the creation of direct and indirect jobs as well as net foreign exchange gains.
  2. Textile Industry contributes about 14% of industrial production, 4% of the GDP, and 27% of the country’s foreign exchange inflows.
  3. Over 45 million individuals have direct employment as a result of it.
  4. After agriculture, the textile industry is the second largest employer.
  5. The expansion and general development of this business directly affect India’s economic growth.

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