Textile - #SectorUpdates
India is one of the largest producers of textiles and apparel in the world facilitating the consumers across the globe for import textiles with high-quality fabric at affordable cost. Textile Industry is providing one of the most basic needs of people and the holds importance; maintaining sustained growth for improving quality of life. According to market reports, the Indian textile industry is currently valued at 223 billion dollars. A textile is the largest single industry in India accounting for about 20% of the total industrial production. Being the second-largest employment provider in India the sector provides direct employment to around 20 million people of the country. Moreover it contributes 9% of total excise collections, 18% of total industrial employment and 4% to the country’s GDP. Government has cleared 20 strategic research projects worth around Rs 74 crore in various areas of the sector under its flagship program National Technical Textiles Mission. Apart from revision of R&D guidelines and creation of dedicated indigenous machinery and equipment development guidelines is another major objective of the mission.