2020, VOL. 6 ISSUE 1, PART E
The textile industry occupies a unique place in our country. One of the largest textile industry in the world, earns around more than one fourth of foreign exchange from export of textiles products. The Indian textile companies are now aggressively upgrading their technology to compete in the global market. India retains a strong and sustainable position among the top five exporter of textiles in the world. Textile industry is undergoing a major reorientation towards non clothing applications of textiles, known as technical textiles. The Indian textile export basket consists of a wide range of items exported to more than hundred countries.
Textile boosts Indian economy but with difficult challenges, like high production costs, in-friendly labour law, logistic disadvantages, rising transaction cost, declining in mill sector, globalization etc., The textile industry has been badly affected by the global recession. To overcome this situation Indian government is turning its attention to removing the bottlenecks that hinder its growth and has taken some important relief measures & favourable policy initiatives. After economic slowdown Indian economy is returning back on its path of progress. Thus much of India’s economic growth will rise and poverty will be reduced. The good sign, however, is the positive indications of increase in consumer confidence & demand in the developed economies.