India’s textiles and apparel industry, which contributes 2.3 per cent to the country’s GDP, is responsible for 13 per cent of industrial production, and also 12 per cent of export earnings. It is presently the second largest employer in the country, providing jobs to about 45 million. But this figure will soon reach 55 million by the end of this year.
It is expected that the country’s textile and apparel exports will touch US$ 300 billion by 2025, which will triple its global market share. The present market share of five per cent is expected to rise to 15 per cent, as per Invest India, the national investment promotion and facilitation agency.
Of the US$140 million domestic textile and apparel industry, US$100 billion was consumed within the nation, whereas the rest was exported to the global market. The industry is set to reach US$223 billion in two years.
With foreign direct investment into the textiles and apparel industry standing at US$ 3.1 billion in 2018–19, the sector will also see more jobs being created.
The latest draft of the National Textile Policy has been created with the aim of generating employment through increased investments by foreign companies. More jobs will also emerge due to technological upgradation, enhanced productivity, funding, and diversification of products, among other things.
The Ministry of Textiles has also been putting in extra efforts to develop technical textiles in the country.