The textiles and apparels sector is a major contributor to the Indian economy in terms of foreign exchange earnings and employment. Moreover, certain natural advantages including domestic cotton availability and external factors including progress on WTO, have fueled the growth of
this industry in India with a clear competitive edge. The textiles and apparels market globally as well as in India is witnessing strong growth owing to a young spending population and a rapid increase in organized retail. Consumer preferences are also undergoing a metamorphosis as never seen before. The change being witnessed can be attributed to several factors including increasing purchasing power of the masses, shifts in the buying behavior, demography dynamics, and growing urbanization, opening up of the retail segment to private and foreign players and changing trends/lifestyle. Investments in the textile sector have increased significantly over the last three to four years. Going forward, by 2012, investment in the textiles and clothing industry is estimated to touch US $ 38.14 billion.
India is the 4th largest economy in the world in terms of Purchasing Power Parity (PPP), after USA, China and Japan.The economy has grown steadily since economic reforms were initiated in the early 90s. The Indian textile and apparel industry has been the traditional backbone of the economy for centuries. It is the second largest employer after agriculture. CRISIL research estimates the overall (domestic and exports) ready made garments industry to reach Rs. 2482 billion by 2012.
So this industry has a great future to invest. As the textile sector of India is going to grow as most of the companies are small scale industries and government is putting an effort to boost this sector. Moreover, one must remember the fact, that in 11th five year plan India decided to double the per capital income for agriculture and around 65% of Indian population directly depends on agriculture. And the raw material for textile industry come from agriculture fields. So their is a huge demand on this industry to manufacture goods. And its also well known that the textile products of India are world famous.
this industry in India with a clear competitive edge. The textiles and apparels market globally as well as in India is witnessing strong growth owing to a young spending population and a rapid increase in organized retail. Consumer preferences are also undergoing a metamorphosis as never seen before. The change being witnessed can be attributed to several factors including increasing purchasing power of the masses, shifts in the buying behavior, demography dynamics, and growing urbanization, opening up of the retail segment to private and foreign players and changing trends/lifestyle. Investments in the textile sector have increased significantly over the last three to four years. Going forward, by 2012, investment in the textiles and clothing industry is estimated to touch US $ 38.14 billion.
India is the 4th largest economy in the world in terms of Purchasing Power Parity (PPP), after USA, China and Japan.The economy has grown steadily since economic reforms were initiated in the early 90s. The Indian textile and apparel industry has been the traditional backbone of the economy for centuries. It is the second largest employer after agriculture. CRISIL research estimates the overall (domestic and exports) ready made garments industry to reach Rs. 2482 billion by 2012.
So this industry has a great future to invest. As the textile sector of India is going to grow as most of the companies are small scale industries and government is putting an effort to boost this sector. Moreover, one must remember the fact, that in 11th five year plan India decided to double the per capital income for agriculture and around 65% of Indian population directly depends on agriculture. And the raw material for textile industry come from agriculture fields. So their is a huge demand on this industry to manufacture goods. And its also well known that the textile products of India are world famous.
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