India : Govt expands textile sector for gearing exports & economy

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Govt expands textile sector for gearing exports & economy

10
May '08

A recently reveled study on the textile industry of the country shows that the sector is likely to generate some 17.37 million jobs by 2012 and huge amount of investments are made in the industry for the purpose.

In the past three years, investments in the textile sector increased from Rs116.28 billion in 2005-06 to Rs310 billion in 2006-07.

Besides, to in order to ensure that the industry is updated with latest technologies within a regular period, the Government had launched the Technology Upgradation Fund Schemes on April 1, 1999, validated for five years. It has been subsequently extended after its expiry in 2004.

The economy of India has greatly depended on the earnings arising from the textile industry which accounts for about 14 percent to the industrial production, 4 percent of the GDP and 16.63 percent of the country's export earnings.

Garments produced in India are exported to countries across the world and they have gained popularity because of its comparatively low prices and have attracted investors due to its reduced cost of production.

Experts believe that if good number of institutes spring up in the country to offer fashion technology courses, the textile industry of India could go a long way in ushering unique fashion trends worldwide.

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