Textile Industry Insights
India’s textiles sector is one of the popular, largest, and oldest industries, which is supporting the Indian economy, for several centuries. The industry is quite large and varied, with Handloom industries on one end and extends up to the large capacity power mills on another end. It produces a wide range of quality and quantities products for every segment of society, both in India and globally. The Hosiery and knitting sector alone itself are the largest segment in the textiles Industry. It also shares a close link to agriculture (for staples such as cotton). Apart from this industry, a compound of staples such as Silk, Wool, and Jute to process and make an item of complete clothing. The Indian textiles industry has a huge capacity to produce all kinds of apparel for every aspect of people.
The textile industry pays a contribution of 2% in our country’s GDP and is contributing a major role by having its 15% share of the export earnings of India in 2018-19. Moreover, this sector Layout employment to around 4.5 million people across the country. The industry is currently estimated at US$250 billion.
Textile Industry Structure in India-
The textile industry contains mostly small-scale, spinning, weaving, finishing, and apparel-making businesses. This industry structure is essentially an endowment of government policies that have encouraged labor-intensive, small-scale operations.
• Composite Mills- In India, these kinds of mills are count only 3 percent of the output in the sector. Approx. 276 composite mills are now functioning in India, most of them are owned by the public sector.
• Spinning- Spinning is the main procedure for turning staple fiber into yarn, which can be used in weaving and knitting. India’s spinning sector comprises about 1,146 small-scale individual firms and 1,599 larger-scale independent units.
• Weaving and Knitting- Weaving and knitting is the process, which turns yarns into fabrics. India’s weaving and knitting sector remains highly shatter, small-scale, and labor-intensive. This sector contains approx 3.9 million handlooms and 380,000 “power loom” firms.
• Fabric Finishing- Fabric finishing comprises washing, dyeing, printing, and other cloth production prior to the making of clothes/ Apparel, which also contains a large number of independent, small-scale enterprises.
• Clothing- Clothes are manufactured by approx. 77,000 small-scale segments categorized as domestic Garment producers, manufacturers, exporters, and fabricators.
Future Growth of Textile Industry-
The future growth of the textile industry in India seems much promising, inspired by well-built domestic consumption as well as global demand. Due to the materialism and discretionary income on the rise, the Fashion / Apparel / Garment retail sector has encountered rapid growth in the past decade. This growth has forced and attracted global players for entry into the Indian market.
This has led to rising in demand for products creating a huge domestic market.