The Indian Textile Industry
Indian Textile Industry is one of the leading textile industries in the world. Though it used to come under unorganized sector few years back, the scenario changed dramatically after the economic liberalization of the Indian economy. Liberalisation, gave the much-needed push to the textile industry, which has now successfully become one of the largest in the world.As per the last statistics available from the Annual Report 2009-10 of the Ministry of Textiles, “The Indian textile industry contributes about 14 per cent to industrial production, 4 per cent to the country’s gross domestic product (GDP) and 17 per cent to the country’s export earnings.” Additionally, it provides direct employment to over 35 million people and is the second largest provider of employment after agriculture.
The report further says “The current domestic market of textile in India is expected to increase up to US$ 60 billion by 2012 from the current US$ 34.6 billion. The share of exports is also expected to increase from 4% to 7% within 2012.” Textile Accessories are also an important part of this segment.