The leap of the textile sector in India
The Indian textile industry is varied as there is handspun, hand woven and machinery textile sectors. Sophisticated mills are also seen here and small scale rural industries too are thriving. There are even the decentralized power looms, knitting and hosiery sectors that form the largest component of the textile industry. The textile industry is closely related to the agriculture for the raw materials like cotton since the ancient times. The country produces a good variety of cotton, silk and synthetic fabrics that are also exported. There are several segments of the industry like cotton, silk, woolen, readymade garments, handcrafted textiles, jute, and coir. India has retained to be the second highest cotton producer in the world. It has the capacity to produce textile on a large scale. Apart from this the country has a large pool of skilled and cheap workforce. There is also a huge domestic market for the textile industry.
Government scope and help
The textile industry is estimated at $108 billion and may reach $ 223 billion by 2021. It employs a large number of people of around 45 million directly and 60 million indirectly. It contributes to 5 % of the gross domestic product and 14 % of the industrial production of the overall index. The industry has a bright future and estimated to reach $ 500 billion in the coming years. Exports are also rising and with it the foreign revenue that contributes to the Indian economy. FDI has been attracted in the recent years and valued at $ 1,647.09 million from 2000 to 2015. There are various major investors from the world and within the country who have invested heavily such as the Reliance industries, Dupont, India post, snapdeal and many more.
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