Is the Indian Textile Industry ready to take-off now?
The Indian Textile Industry contributes 15% to the industrial production and 15% of the total exports. Cotton forms a significant part of the textiles industry in the form of basic raw material and India being the third largest producer of cotton provides a competitive advantage to the Textile industry. In textile industry there has been a significant growth in export (3% of the world’s textile export) during late 1990s. Indian textile is exported to 120 countries. USA and Europe together account for 60% of the total export. After dismantling of Multi Fiber Agreement (MFA) and with domestic market having consistent growth of about 5% Indian Textile industry has immense growth opportunity. India’s textile export is expected to grow three-fold from $3 billion in 2005 to $10 billion by 2010.
