Future scope of the Textile Industry
The Indian textile industry is now in a scenario of threats and opportunities. While it enjoys opportunities to gain an advantage in unrestricted markets, it also faces unexpected threats. During 2010, the Indian textile industry has been facing many difficulties. Earlier, the global economic crisis caused a series of financial difficulties like closures, small capacity utilizations, layoffs and a decline in sales etc. Now, an acute increase in textile product prices and declining exports to the US because of competition are putting the textile industry in a challenging situation. Although, several amounts of recovery produced a ray of hope in the minds of people.
Indian Textile Industry
The close association of the textiles industry with agriculture and the former culture and traditions of the country. In terms of textiles, it is unique as compared to other industries in the country. Hence India is known as the world’s second-largest manufacturer of textiles and garments and the world’s third-largest manufacturer of cotton after China and the USA. The Indian market is also the second largest in terms of using Cotton, after China.
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