Textiles Sector likely to touch 250 Bn US$ by 2020

Textiles Sector likely to touch 250 Bn US$ by 2020

Associated Chamber Of Commerce (Assocham) together with Resurgent has pointed out that India’s textiles sector is likely to touch 250 billion US Dollar in the subsequent two years from the current level of 150 billion US Dollar.

It is observed that textile and apparel sector is the second largest employment provider in the country after agriculture and employed nearly 51 million people directly and 68 million people indirectly in 2015-16. The sector in India accounts for 10 per cent of India’s manufacturing production, five per cent of its GDP, and 13 per cent of exports earnings.

The small and middle players were largely affected by the demonetization and rollout of the GST.

The Study stated that the number of workers affected due to closure of cotton and man-made fibre textile units (bigger units that comprise the non-SSI segment of the industry) during the last three years around 17,600 workers were impacted by the closure of 67 units.

“The textile and handicrafts sector is economically important from the point of low capital investment, high ratio of value addition, and high potential for export and foreign exchange earnings for the country,” Minister of State for Textiles, Ajay Tamta said.

– Apparel and Textile News, Apparel Talk, Indian Apparel