At the moment, India is the largest producer of cotton and jute in the world, and the second-largest producer of polyester, silk and fibre. According to Invest India , the national investment promotion and facilitation agency, in the next years the country will still grow its production.
The domestic Textile and Apparel Industry, including handicrafts, stood at $140 billion in 2018, of which $100 billion was domestically consumed while the remaining portion worth $40 billion was exported to the world market. These figures are expected to reach $223 billion by 2021 and exports are expected to touch $300 billion by 2024-25, resulting in a tripling of the country’s market share globally from 5 per cent to 15 per cent.
The Textile and Apparel Industry contributes 2.3% to India’s GDP and accounts for 13% of industrial production, and 12% of the country’s export earnings. It is the second-largest employer in the country, employing 45 million people at present, and this number is expected to rise to 55 million people by the end of 2020.
