A STUDY ON GROWTH OF TEXTILE AND APPAREL INDUSTRY IN INDIA
Indian textile industry and apparel industry, production and productivity of textiles, Exports and Imports of textiles and the impact of Covid-19 on Textile Industry and apparel industry.
Abstract
The present study is focusing on the growth of Indian textile industry and apparel industry during the study period of between 2015-16 and 2019-20. The present study is based on secondary data collected from various annual reports of ministry of textiles, Government of India. The Statistical tools such as percentage of analysis and CAGR are used to purpose of the collected data. Objectives of the present study are to study the Indian Textile Industry and apparel industry during the study period, to analyze growth of Indian Textile Industry and apparel industry during the study period of between 2015-16 and 2019-20, to examine the impact Covid-19 on Textile Industry and apparel industry and to find the conclusion of the present study. India’s textiles industry has a capacity to produce wide variety of products suitable for different market segments, both within India and across the world.
The Indian textiles and apparel industry contributed 2% to the GDP, 12% to export earnings and held 5% of the global trade in textiles and apparel in 2018-19. Exports of textiles stood at US$ 22.89 billion between April 2021 and October 2021. India’s home textile exports grew at a healthy rate of 9% in FY21 despite the pandemic. China’s share in global T&A trade in 2019 was 34%. The share has come down from 39% in 2015. Vietnam and Bangladesh were the second and the third largest textile and apparel exporters in 2019, respectively. India is the 5th largest exporter of T&A in the world with exports worth US$ 36.4 billion. Polyester filament yarn (PFY) production has grown at a CAGR of 5% since 2015-16. India’s exports of Technical Textiles in 2019-20 were worth US$ 2,423 million, which has grown from US$ 1,528 million at a CAGR of 12%. Fabric production in India stood at 7,436 million sq. mtr, which has grown at 2% CAGR in the past five years. The production of fabric from decentralized sector has also grown at a CAGR of 5%, while production of mill sector has decreased at 3% CAGR. India’s Nylon filament yarn export has grown at a CAGR of 35% between 2015-16 and 2019-20.
India is working on major initiatives, to boost its technical textile industry. Owing to the pandemic, the demand for technical textiles in the form of PPE suits and equipment is on rise. Government is supporting the sector through funding and machinery sponsoring. Top players in the sector are attaining sustainability in their products by manufacturing textiles that use natural recyclable materials. The future for the Indian textiles industry looks promising, buoyed by strong domestic consumption as well as export demand. With consumerism and disposable income on the rise, the retail sector has experienced a rapid growth in the past decade with the entry of several international players like Marks & Spencer, Guess and Next into the Indian market. High economic growth has resulted in higher disposable income. This has led to rise in demand for products creating a huge domestic market.
Key words: Indian textile industry and apparel industry, production and productivity of textiles, Exports and Imports of textiles and the impact of Covid-19 on Textile Industry and apparel industry.
"A STUDY ON GROWTH OF TEXTILE AND APPAREL INDUSTRY IN INDIA", IJNRD - INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT (www.IJNRD.org), ISSN:2456-4184, Vol.7, Issue 2, page no.75-93, February-2022, Available :https://ijnrd.org/papers/IJNRD2202013.pdf
Volume 7
Issue 2,
February-2022
Pages : 75-93
Paper Reg. ID: IJNRD_180474
Published Paper Id: IJNRD2202013
Downloads: 000118849
Research Area: Social Science and Humanities
Country: Coimbatore , Tamilnadu, India
DOI: http://doi.one/10.1729/Journal.29223
ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
Publisher: IJNRD (IJ Publication) Janvi Wave
