The Indian
textile industry has had a long and distributed history in the Indian
sub-continent. It ranks amongst the leading textile manufacturing
countries in the world and has always made its significant
contribution among the top apparel and textile exporters to the key
US market. Not just this it is also a major employer in the country
being the second largest employer after agriculture and providing the
basic necessities of life and hence supporting its role in the
country’s economic growth.
India’s
textile industry contributes about 14 per cent to industrial
production; 4 per cent to the country’s gross domestic product
(GDP); 17 per cent to its export earnings. It is also the source of
direct employment for over 35 million people. The growth possibility
and future prospects can be realized with supply of abundant raw
materials, healthy foreign direct investments (FDI) and a government
willing to invest ensures a bright future for India’s textile
sector.
Taking on a
good advantage of a weakening rupee and improving signs of a pick-up
in the US economy, India's textile and apparel exports to the
American markets were secured at the third position for the first
seven months of 2013, right after China and Vietnam. This was pegged
at a growth rate of 4 percent for this period as against the 3 per
cent growth in overall imports into the US. Also tapping on the
current trends, the Indian Textile industry is expected to touch US$
220 billion by 2020, according to estimates by a reputed industry. It
is also estimated that Also, India has the capacity to improve its
textile and apparel share in the world trade from the current 4.5 per
cent to 8 per cent and reach US$ 80 billion by 2020.
Tapping on
the source of raw materials, India's main growth had been coming from
home textile supplies, which include intermediates such as yarn,
fabric and made-ups. India has the advantage of abundant resources of
raw materials and is one of the largest producers of cotton yarn in
the world and there are good resources of fibres such as polyester,
silk, viscose, etc.
With the
current development trends on the mark and keeping investments and
funding to the optimal levels will ensure robust and holistic growth
of the Indian Textile industry.
