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Future of Textile Industry in India


Future of Textile Industry in India

Brief introduction of Textile sector of India:

The textile industry is such an industry that it is needed, so what clothes are needed by every human being. Textile industry is the oldest industry in India, which is playing a very good role in India's economy from the very beginning. All the big industrialists who have happened in India, they have also started from the textile industry, whether it is Reliance Industry and Tata and Birla Group. If we check the history, then in the 18th century, groups like Birla’s & Tata had entered the textile industry. After this, in the 19th century, the founder of Reliance Group, Respected Dhirubhai Ambani, also started the textile business. Textile literally means knitted fabric. 

Brief about Textile manufacturing process & the use of raw material:

Have we ever wondered how the t-shirts and suits we knit are made? What products are used to make it? So let's start with the basics of the textile sector so that we can understand that the clothes we throw are made and then when they are made, how do they reach us? Agriculture has a lot of importance in the textile industry, because cotton is used in this, yes, a farmer who sows seeds in the ground, when a plant is formed, then the flowers that appear on that plant are collected and made into cotton. Then this cotton is delivered to the manufacturing units, and then in those manufacturing units, the work of cotton blended work is started. Then the thread is prepared from this thread, then the cloth is prepared from this thread, if we sit down to discuss the full textile process, then there are many more steps in this, that's why I have told in very brief. Nylon, synthetic, polyester, rayon, acrylic all has a process and they are also a part of the textile industry.

Role of Textile Industry in growth of Indian Economy & employment opportunities:

Textile industry is one such industry in Indian which creates maximum employment. It would not be wrong to say that second place in India is creation of employment in textile industry. It is an industry worth more than 120 billion dollars. In the textile industry, more than 4 crore people work directly and more than 5 crore people work indirectly. From this you can get an idea of ​​how much market share the textile industry will have and how big is the textile industry in India. India's textile industry contributes more than 2% to GDP and has a market size of more than $130 million, in which imports and exports have also been added.

If we talk about India's exports, then the share of more than 10% comes from the textile sector. Talking about the production point of view, the contribution of about 12% comes from the textile industry. With this, you may be thinking that how important the textile industry would be for any government. That's why any government always comes with schemes for the textile industry in the country, because of which one encircles the revenue.  Along with it, employment is also generated. According to an estimate, the growth of textile industry in India is expected to be more than 26% in FY 21, but because of covid 19, there is a lot of negative impact in this industry, but if there is no consumption of clothes, then whose companies will make for. But very soon India's textile industry will also come out of the bad effects of Covid 19. If we talk about India, then there are more textile mills in states like Gujarat, Rajasthan, and Maharashtra.

It is also estimated that the value of textile exports will cross $ 200 billion by 2024 and 2026. This is a good sign. This estimate can also prove to be true that India's economy is growing the fastest in the world and if we talk about Population, it is more than 130 crores and this Young Population. If India's economy grows, then it is obvious that people's income will also increase. If the income increases, then the purchasing power of the people will also increase. If the textile industry grows, then companies like Dyes & Chemical, Agriculture and Textile Machinery, Logistics will also benefit and these sectors will also grow. Because raw material is needed in every industry. Dyes and chemicals are used to give different colours to the threads. Logistics sector plays an important role in transporting raw material and finished products from one place to another. In this way, along with the growth of the textile industry, other sectors will also grow. 

Indian government role in the growth of textile industry:

More than 35 lakh workers work in the Handloom sector. Handloom is also a part of the textile industry and the Government of India is also coming up with very good policies to promote the Indian handloom industry, If we talk about foreign direct investment, from year 200 to 2020, more than $3 billion has been invested, which will be considered a very high investment. Good growth and investment can be expected in the textile industry after the approval of 100% foreign direct investment from the Government of India. The promotion of PLI scheme and Mudra scheme by the government also brightens the future of the textile sector. Because of this scheme, things made by Man Made Fibres will be promoted. The handloom industry will be greatly benefited by the Mudra scheme as countries like India entered into a very high level trade deal in 2020-21 with more than $8 billion in exports and nearly $7 billion in export segment. With this deal, the Government of India is expected to increase the market share of the Indian textile industry.

Also launched the Product Linked Incentive Scheme of the Government of India, which will provide incentives to the Export and Manufactures segment that manufactures Textile Products and man made Products. With this, India and Japan have joined hands with which Indian textile companies will try to meet the requirements of Japanese importers, in which work will also be done on textile technology. The growth of the Indian textile industry can also be estimated from the fact that the Cotton Corporation of India has under-must procure more than 135 lakhs operations. Along with this, the Government of India is also funding the industry to promote technical textiles which is also very good step taken by Indian government because it is always good to keep yourself with modern techniques.

In nutshell, we can say that the future of textile industry in India is bright. The consumption story in India is still intact. Indian government is also giving best support to textile industry which is very good sign.  Even textile companies had given good return to Indian stock investors. Textile industry is best in employment generation therefore it will always be attractive sector for any government in India.

Also read: Future of Paper industry in India

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