Contribution of Textile Industry in Indian Economy

1. Contribution of Textile Industry in Indian Economy Indian textile industry ranked second after agriculture in providing economic contribution and employment. The textile industry is one of the oldest industries of India having great cultural value. The industry starts from handwoven things to now machine-made objects. India ranked number one in the production of jute and number two in the production of silk and cotton. It has employed so many people especially people located in rural areas. Textile Industry contributes 14% to industrial production, 4% in India’s GDP, and 15% of the country’s export earnings. This sector employs nearly 100 million people directly or indirectly. Foreign clients are also investing in this sector because of its popularity. India covers 61% of the international textile market and 22% of the global market. India holds 25% approximate share in the globe. India contributes 12% of global cotton production. India has a big name in the textile industry. And this percentage is increasing every day. Two things are always figured out while installing any industry. One is raw material. In India, there is a wide scope of the textile industry as an abundance of raw material is available in the market. Skilled workers are also available which enhances the attraction towards this industry. And the other one is Government policies. India, the Majority of Government policies are in favor of this sector. The export from the textile Industry is approximate to touch the US $ 223 Billion within 2 years. The government is also helping to achieve this goal by promoting this sector. Social welfare schemes, insurance covers, tax benefits, and area development are the key element provides by the government. The MOU with 20 e-commerce companies has been signed up by the Ministry of Textile of India whose main objective is to build up a platform for artisans and weavers in different handloom and handicraft groups to make them able to sell their products directly to the users. Besides facing so many issues like scarcity of electrical energy, illegitimate bazaar, raw material shortage, and so on, this industry manages to upgrade its services. Their chemicals are harmful to the ecosystem. This industry also trying to be sustainable by adopting some eco-friendly practices. They are encouraging people to have slow fashion products to save the environment and human health. So many different types of clothes are available in the market. Especially for ladies a wide variety is available. Textile Megastore provides the best quality and latest designer ladies garments at reasonable prices. To buy Georgette kurtis online and ladies suits online, textile Megastore is the best option. Textile Industry has a remarkable contribution to the Indian economy. Adopting the latest fashion by the general public has to boost up this industry. They are trying to provide the best services to their customers. Page | 1