Textile - #SectorUpdates
India’s textiles sector is one of the oldest industries in the Indian economy. The industry is extremely varied, with hand-spun and hand-woven textiles sectors at one end of the spectrum, with the capital-intensive sophisticated mills sector at the other end. India is the world’s largest producer of cotton produces 61.6 lakh Metric Tonnes during 2021-22 which constitutes of 23% of world’s total cotton production. India is also the 2nd largest consumer of cotton in with estimated consumption of 57.5 lakh Metric Tonnes constituting 22% of world’s total cotton consumption during 2021-22. With increasing demand for textile, cotton industries are also expanding. Home textile companies in India are also leveraging strategic partnerships to strengthen their business operations and foothold in the country. The Government of India has earmarked a corpus of Rs. 1,000 crore dedicated for research and development of the technical textiles sector. Ministry of Textiles endeavors to ensure adequate availability of cotton for the consumption of domestic spinning industry keeping in view accelerated investment which has gone into this sector, while the imports and exports of cotton remain free.