The Indian textiles industry is set for strong growth, buoyed by strong domestic consumption as well as export demand. Karthik Muthuveeran reports.The Indian textile industry is currently on a roll. Not only the industry´s hopes are flying high following the formation of a new Modi-led government
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The Indian textile industry is currently on a roll. The textile industry?a leader among major industries in India?has overtaken Germany and Italy to be the world No. 2 in textile exports, but it lags behind China, whose exports are whopping seven times higher, according to a data released by the Apparel Export Promotion Council, the industry body for garment exporters.
Indian textile industry has shown a strong growth, sustained by strong domestic consumption. Availability of raw materials such as cotton, wool, silk and jute in huge quantity and skilled workforce has made India an important player in the textile industry. During FY14, powerloom is expected to be almost flat as compared to FY13.
Figures published by Pakistans National Bureau of Statistics indicate that textiles and clothing export earnings grew in February by over 3 per cent compared with the previous month, to reach $1.13 billion.
Kusumgar Corporates is a leading ISO 9001:2008 certified Indian company in technical textiles and speciality textiles, covering a wide spectrum of industrial fabrics products and technical applications.
The Union Government has set a target of $60 billion for textile exports in 2014-15, as it aims to cash in on developed nations increasing dependence on India while focusing on skill development in the country.
Indias apparel exports were to the tune of USD 1190 million in October 2013-14, indicating an increase of 30.91 per cent against the corresponding month of last financial year.