Published on August 31, 2015
The Indian textile industry is growing with a quite express quickness in terms of domestic consumption and export demand. The industry is anticipated to reach USD 220 billion till the end of 2020.
As per the report, The Indian government has come up with a number of export promotion policies for the textile sector. It has allowed 100 percent FDI in the Indian textiles sector under the automatic route.
Under the policy, technology upgradation fund scheme has inculcated investment of more than INR 2500 billion for the modernization and upgradation in the industry. Integrated processing development scheme for sanctioning processing parks has been initiated and integrated skill development scheme has provided training to 1.5 million people to cover all sub-sectors of textiles.
Market player said that with the rise of disposable income and consumerism the retail sector has achieved immense growth in the precedent time. Rising per capita income, favorable demographics and a shift in preference for branded product is anticipated to boost the demand for this sector in near term. Apart from this changing lifestyle and increasing demand for quality products are set to boost cloth production in upcoming time.
