The textile industry is keeping its fingers crossed over the emerging threat of coronavirus in the months to come.
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The textile industry is keeping its fingers crossed over the emerging threat of coronavirus in the months to come.
CRISIL has trimmed its fiscal 2018 growth forecast for India by 40 basis points to 7 per cent from 7.4 per cent earlier, after data for the first quarter showed GDP growth at 5.7 per cent, the slowest in the past three years.
According to IMTMA India, the Government of India is expected to boost manufacturing – one of achieving 25 per cent share in overall GDP by the year 2025 (from the present 16 per cent); to have concerted focus on technology and depth value addition; and to generate for the country a hundred million manufacturing jobs.
Textiles is India´s foremost manufacturing industry and has a significant impact on the economy since it contributes to industrial output, employment generation and the export earnings of the country. With contribution of about 14 per cent to the industrial production, 4 per cent to the GDP and 13 per cent to the country´s total export earnings, the industry provide direct employment to over 45 million people.
The 2008 recession was another defining moment in the life of Indian textile industry, and a study by Rajan Nagpal & Ronak Agarwal reveals the effect of the slowdown on the return on equity % and the profit margin % of the major textile firms following that period.
Textiles is India´s foremost manufacturing industry and has a significant impact on the economy since it contributes to industrial output, employment generation and the export earnings of the country. With contribution of about 14 per cent to the industrial production, 4 per cent to the GDP and 13 per cent to the country´s total export earnings, the industry provide direct employment to over 45 million people.