Next to agriculture, the Indian textile industry is one of the largest industries in India. This is the oldest and second-largest industry in terms of providing employment opportunities to more than 35 million people in the country. The textile industry in India traditionally, after agriculture, is the only industry that has generated huge employment for both skilled and unskilled labor in textiles.
The domestic Textile & Garments industry stood at $ 145 bn in 2018. Out of $ 145 bn, textile worth $ 100 bn was domestically consumed while the remaining portion worth $ 40 was exported to the world market.
Indian Textile industry contributes to 7% of industrial output in terms of value, 25% of India’s GDP and to 15% of the country’s export earnings. India is the largest producer of cotton and silk in the world and the second-largest exporter.
India is also a global leader in jute production, accounting for about 80% of estimated world production.
Investments opportunities in India in many areas are enormous in this sector. Regional Comprehensive Economic Partnership, or RCEP, is an ambitious free trade agreement (FTA) connecting countries for more business and tourism prospects. FTAs provide an entry to these manufacturing nations for the development and investment in the industry.
Opportunities for investments in retail brands are immense.