Bring out the importance of textile industry in the Indian economy.
Or Briefly discuss the policy initiatives taken by the Government in the textile industry.
Ans. India's textiles sector is one of the mainstays of the national economy. India textile industry largely depends upon the textile manufacturing and export. It also plays a major role in the economy of the country. According to the Annual Report by textile industry in India on May 2014, India earns about27per cent of its total foreign exchange through textile exports. Further, the textile industry of India also contributes nearly 14 per cent of the total industrial production of the country. It also contributes around 3 per cent to the GDP of the country. India textile industry is also the largest in the country in terms of employment generation. It not only generates jobs in its own industry, but also opens up scopes for the other ancillary sectors. India textile industry currently generates employment to more than 35 million people. Indian textile industry can be divided into several segments, some of which can be listed as below: • Cotton Textiles • Silk Textiles Woolen Textiles Readymade Garments Hand-crafted Textiles • Jute and Coir India has the potential to increase its textile and apparel share in the world trade from the current level of 4.5 per cent to 8 per cent and reach US$ 80 billion by 2020.
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