Soon, a Hundred Billion Dollar Indian Textile Industry
March 30, 2007| |
India’s Ministry of Textile has projected the value of the Indian textile industry to grow from US$ 47 billion in 2005-2006 to US$ 95 billion by 2010. In 2012, it is expected to rise to US$ 115 billion comprising the domestic market of US$ 60 billion and exports of US$ 55 billion. The projected growth rate of 16% per annum during these years, says Minister of Textiles, E.V.K.S. Elangovan, is attributed to the implementation of the Multi Fiber Agreement (MFA) under the aegis of the World Trade Organization, and increasing raw material base with booming cotton production.
The Government of India has taken many initiatives in the past and included new schemes like the Technology Upgrading Fund Scheme, Technology Mission on Cotton, Integrated Textile Parks, Foreign Investment Promotion Scheme, Brand Promotion on Public-Private Partnership (PPP) approach to develop global acceptability of Indian apparel brands to name a few.
Read more on the role of the textile industry in Indian economy at http://pib.nic.in/release/release.asp?relid=25886 and
http://pib.nic.in/release/release.asp?relid=23833.
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