The Indian Textile Industry

INTRODUCTION OF INDIAN TEXTILE INDUSTRY

The Indian Textile Industry counts among the leading textile industries in the world. Apart from providing the basic necessities of life, its role in the country’s economic growth is significant. 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; and is a source of direct employment for over 35 million people, which makes it the second largest provider of employment after agriculture. Optimum raw materials, healthy foreign direct investments (FDI) and a government willing to invest ensures a bright future for India’s textile sector.

Market Size

The industry is expected to touch US$ 220 billion by 2020, according to estimates by Alok Industries Ltd. 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.

Garment exports from India grew by 19 per in the period July 2012–July 2013 to touch US$ 1.27 billion, on the back of increasing demand in developed economies such as the US, according to data released by the Apparel Export Promotion Council (AEPC).

India has the advantage of abundant resources of raw materials. It is one of the largest producers of cotton yarn in the world and there are good resources of fibers such as polyester, silk, viscose, etc. The country is also home to a wide range of cotton fiber and has a rapidly developing synthetic fiber industry.

The most important change in the Indian textile industry has been the advent of man-made fibers (MMF). India’s innovative range of MMF textiles finds presence in almost all the countries across the g...

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...blem the developed country buyers should have some ethical concern, so that they pay back the money which damages our ecology. To restore our ecology the developed countries should pay to import suitable technology and also to restore the historical damages caused to the Ecology. This type of give and take policy will be beneficial to the economy and ecology of both the buyer and seller.

To create better environment and protect the ecosystem from further degradation the developing countries need to apply their well designed policies from the start, cleaning up past mistakes. Developed countries once neglected this industry now favour the growth of the industries. The ecological concerns and economic developments are not contradictory but complementary to each other with a single common goal of sustainable development without depleting the natural resources.