Bright Future for Indian Textile Industry

The textile industry in India is substantial, and largely diversified. It is hard to cover all its aspects even within hour-long presentation, however, research team of Fibre2fashion.com has attempted to gather significant pieces of massively complicated puzzle of this industry.

The Indian textile industry roots thousands of years back. After, the European industry insurrection, Indian textile sector also witnessed considerable development in industrial aspects. Textile industry plays an important role in the terms of revenue generation in Indian economy. The significance of the textile industry is also due to its contribution in the industrial production, employment. Currently, it is the second largest employment provider after agriculture and provides employment to more than 30mn people.

Prospect

Considering the continual capital investments in the textile industry, the Govt. of India may extend the Technology Upgradation Fund Scheme (TUFS) by the end of the 11th Five Year Plan (till 2011-2012), in order to support the industry. Indian textile industry is massively investing to meet the targeted output of $85bn by the end of 2010, aiming exports of $50bn. There is huge development foreseen in Indian textile exports from the $17bn attained in 2005-06 to $50bn by 2009-10. The estimation for the exports in the current financial year is about $19bn. There is substantial potential in Indian exports of technical textiles and home-textiles, as most European companies want to set up facilities near-by the emerging markets, such as China and India.

The global demand for apparel and woven textiles is likely to grow by 25 percent by year 2010 to over 35mn tons, and Asia will be responsible for 85 percent output of this growth. The woven products output will also rise in Central and Southern American countries, however, at a reasonable speed. On the other hand, in major developed countries, the output of woven products will remain stable. Weaving process is conducted to make fabrics for a broad range of clothing assortment, including shirts, jeans, sportswear, skirts, dresses, protective clothing etc., and also used in non-apparel uses like technical, automotive, medical etc...

source: articlebase