Textile industry to get a boost with strong domestic consumption and export demand

[img]http://123.108.34.150/News/News/UploadFiles/Textil%20Export%20July%202015.JPG[/img] -

---

July 20, 2015 Indian Textiles Industry has a major presence in the economic life of the country. Apart from providing one of the basic necessities of life, the textile industry also plays a pivotal role through its contribution to industrial output, employment generation and export earnings of the country. It contributes 14% to industrial production, 4% to India�s GDP and constitutes 13% of the country�s export earnings. The textile sector is one of the largest providers of employment alongwith agriculture. The domestic textile and apparel industry in India is estimated to reach $100 Billion by 2016-17, while Exports in textiles and apparel from India are expected to increase to $65 Billion by 2016-17.

The Indian textiles industry represents a widely diverse spectrum of activities with the hand-spun and handwoven sector at one end, and the capital intensive sophisticated mill sector at the other. The decentralized power looms, hosiery and knitting sectors form the largest section of the Textiles Industry. The close linkage of the Industry to agriculture and the ancient culture, and traditions of the country make the Indian textiles sector unique in comparison to the textiles industry of other countries. This also provides the industry with the capacity to produce a variety of products suitable to the different market segments, both within and outside the country.

Industry performance

The Indian textile industry has the potential to grow five-fold over the next ten years to touch $500 billion mark on the back of growing demand for polyester fabric. The $500 billion market figure consists of domestic sales of $315 billion and exports of $185 billion. The current industry size comprises domestic market of $68 billion and exports of $40 billion. The total fabric production in India is expected to grow to 112 Billion square metres by 2016-17, while India�s fibre production is expected to reach 10 Million Tonnes in 2016-17.

Export

India�s textiles and clothing industry is one of the mainstays of the national economy. It is also one of the largest contributing sectors of its exports worldwide. The report of the Working Group constituted by the Planning Commission on boosting India�s manufacturing exports during 12th Five Year Plan (2012-17) envisages India�s exports of Textiles and Clothing at $64.41 billion by the end of March, 2017. Export of textile products for FY15 increased marginally by 0.46% to $37,137.32 million as compared to $36,967.56 million in FY14.

read more

[url]http://money.livemint.com/news/sector/outlook/textile-industry-to-get-a-boost-with-strong-domestic-consumption-and-export-demand-386025.aspx[/url]

---

Share to ....: 753    

Most viewed

• Amid weak demand, cotton price surge adds to woes of yarn mills
• Centre willing to procure jute and cotton crop if prices fall below MSP : Goyal
• BTMA signals minimum wage structure for cotton textile sector within next two weeks
• ASEAN delegation to visit India on 17 Feb for FTA review
• State further subsidises power supply to textile industry till 2028
• Bank fraud case: Textile baron Neeraj Saluja sent to 5-day police remand
• New MSME payment rule leads to many cancelled orders
• Boosting trade relations with India
• India’s cotton yarn exports to surge by 85-90% in FY2024: ICRA
• Bhiwandi Textile Firm Owner Flees After Duping 13 Manufacturers of Rs 58.55 Lakh