Textile industry looks promising buoyed by strong domestic & exports market

Over the past year, the most significant transformation that took place in our country was demonetisation. It impacted the industry as a whole which has further tempered the economic growth. Moving forward with the current state of the economy and cash crunch, we are aiming at adopting a holistic cashless model. This move has definitely whetted the interest of the citizens of the country as to what the upcoming budget has in store for them this financial year.

The textile industry has definitely been impacted in the last quarter by the decision of the government. This industry second, only after agriculture, in providing employment to more than 100 million people directly and indirectly out of which most of them are uneducated and work on a daily wage basis. Contributing to more than 11 percent of the total exports in the country, the textile industry is estimated to reach $ 223 billion in the year 2021. The textile industry also contributes to 5 percent of India’s GDP and is expected to contribute even more in the near future.