September 02, 2019
Textiles constitute one of the oldest sectors in the Indian economy. Dating back several centuries, India's overall textile exports during the financial year of 2017-18 and is expected to increase upto US$ 82.00 billion by 2021. The textile industry in India is extremely diverse, with the hand-spun and hand-woven cottage industries at one end of the section, while the capital intensive and urban industrial plants at the other end.
The highly decentralised power looms/ hosiery and knitting sector contribute to the largest component of the textiles sector. With intensive research, development and technology at the Indian business owner’s disposal, there is also an increasing number of weaving machine manufacturers in India. Being one of the highest employers in the nation, the textile market is observing a paradigm shift year after year.
Market Share - PAN India
The current net worth of the textile industry in India is estimated at US$ 250 billion. It contributed to 7% of the industry output in India during 2017-18 and also contributes to the Indian GDP by 2%. By providing jobs to almost 45 million young talents, the sector also contributes to 15% of the export earnings of India in the recent years.
The expansion of Textile Industry in Gujarat:
Gujarat has always led the market when we discuss the Textile Industry. Dating back to the British Era the textile industry emerged in popular industrial hubs such as Surat and Ahmedabad.
In recent years, Gujarat contributes to 25% of the nation’s textile manufacturing output, and upto 12% of textile exports. It houses the highest number of medium and large fabric processing units and over 600 weaving machine manufacturers and suppliers. The state produces 65% of the denim fabric in the country, while its textile market is estimated to have reached $25 billion in the recent years. A complete disruption can be observed in the textile industry of Ahmedabad which is now crowned as the ‘Denim Capital of India’.
The scope and opportunity for weaving machine manufacturers in India is endless here. Anually, Gujarat produces 30% of the country’s woven fabric and is home to more than 50% of the country’s processing machinery manufacturers and around 90% of weaving machinery manufacturers. Post the announcement of Textile Policy in 2012, the State has increased its production size by one million units.
The Road Ahead
The future for the Indian textile industry seems promising that is equipped with both a strong domestic consumer base and an ever increasing export demand. With a great economic growth, the disposable income of every Indian consumer is on the rise and the retail sector is also experiencing a rapid growth/ In the past decade the textile industry also witnessed the entry of several international leaders such as Marks & Spencer, Guess and Next penetrating in the Indian market.