Indian Textile Industry Essay

Indian textile industry – An overview textile industry in India is one of the hopeful divisions of Indian market. It supplies more than thirteen percent to trade production, 16. 63 percent to export revenues and four percent to the nation’s GDP. In the forth coming year, the industry is to make approximately twelve million career opportunities with a venture of US dollar six billion in the field of textile tools and structure, and garment manufacturing by the end of 2015. Union ministry of Textiles certified Apparel Export Promotion Council (AEPC) has taken the reliability to motivate the overseas financiers to invest in Indian Textile industry by revealing it huge unknown domestic market. It has also prepared and authorized the motto of ‘reach the destination, spend, generate and trade in India. ‘ Under this perceptive, the ministry has made a decision to send some representatives to Germany, Switzerland, France, Italy and US. The purpose is to activate the overseas venture towards textile entity in India by offering several grants to international financier like low cost employees and intellectual right fortification. The government of India has also agreed to the proposals to support the textile industry by approving hundred percent Foreign Direct Investment in the market. Owing to the uprights and instantly incorporated textiles cost sequence (price chain), the Indian textile industry signifies a tough subsistence in the total value chain from raw products to finished products. The Synthetic and Rayon Textile Export Promotion Council (SRTEPC) has taken every required steps to meet the target of doubling the synthetic textile export in India to US $6. 2 billion by grabbing four percent of market share by fiscal year 2011- 2012. Taking into consideration the persistent funds in the textile industry, the Govt. of India may possibly widen the Technology Up gradation Fund Scheme (TUFS) by the end of the 11th Five Year Plan- in the financial year of 2011- 2012 in order to protract the industry. Indian textile industry is extraordinarily providing to meet the targeted production of $ 85 billion in the year of 2011, intending exports of more than $ 50 billion which was in year 2010. There is massive progress foreseen in Indian textile exports from the $ 17 billion accomplished in the year of 2005 -2006 to $ 50 billion by the year of 2009-2010. The assessment for the exports in the current fiscal year is about $ 19billion. There is significant potential in India’s exports of technical textiles and home textiles, as most European businesses desire to set up facilities near- by the emerging markets, such as China and India. So, the future of Indian textile industry is very bright, as it has open up the market for international business people.