According to the Handloom Atlas, which was recently released by the Textile Minister, Mr Shankersinh Vaghela and the first of its kind, the textile sector in India is projected to attract an investment upwards of Rs 1,506 billion in the period 2007-12 and thereby, create additional employment opportunities for 17.35 million people.
The exports from the sector are growing at a compounded average of 10.24 percent in the last ten years and contributing about 17 percent to the overall export figures from India. This has been brought about due to growth in the industry growing by 10 percent per annum and which is expected to touch 16 percent in the future.
The Atlas further mentions that the textile sector contributes 14 percent to the total industrial production, constitutes about 21 percent of the total workforce, adds up to about 4 percent to the GDP in India and also accounts for about 12 percent of the global production volumes of textile fibres and yarns, including jute.
The Atlas reveals that the exports from the sector are projected to grow by 22 percent to touch US $55 billion by 2012, though this now seems highly unlikely under the present circumstances. India stands at number one position in installed handloom capacity with 3.9 million and accounts for 85 percent of global installed capacity.
Fibre2fashion News Desk - India
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