Being the oldest industry in India, it contributes 3% to the country's GDP. The textile industry has been a major player in increasing India's overall exports with more than 10% contribution to the export industry.
Textile and garment industry employs approximately 105 million people and is valued at around the US $ 120 billion. It has been researched that this industry will be double its valuation by 2022. Indian textile industry is versatile offering a competitive landscape and future will witness double-digit growth in consumption in both domestic and international need.
Let us see what advantages India offers to its textile and garment manufacturing industry:
- Increasing demand in the domestic market
- Interests in International Market is growing
- Favorable government policies
- Cheap skilled labor and manufacturing advantage
- Evolvement of the digital platform in the textile industry