New Delhi (NVI): Textile and garments industry in India is expected to reach USD 223 billion by 2021 from 137 billion US dollars in 2016, according to Invest India.
The domestic textiles and apparel industry stood at USD 140 billion in 2018 (including handicrafts) of which USD 100 billion was domestically consumed while the remaining portion worth USD 40 billion was exported to the world market.
Further, the domestic consumption of USD 100 billion was divided into apparel at USD 74 billion, technical textiles at USD 19 billion and home furnishings at USD7 billion.
While exports comprised of textile exports at USD 20.5 billion apparel exports at USD 16.1 billion and handlooms at USD 3.8 billion.
The textiles and apparel industry contributes 2.3 per cent to India’s GDP and accounts for 13 per cent of industrial production, and 12 per cent of the country’s export earnings.
It has strengths across the entire value chain from fiber, yarn, fabric to apparel.
It is highly diversified with a wide range of segments ranging from products of traditional handloom, handicrafts, wool and silk products to the organized textile industry.
The organized textile industry is characterized by the use of capital-intensive technology for mass production of textile products and includes spinning, weaving, processing, and apparel manufacturing.
