The textile industry of India is a major contributor in nation's GDP, exports earnings and the total industrial output. Besides being one of the largest employment creators after the agriculture industry, the industry forms 40% of the total exports through its production. The rapid expansion over the years has attracted the attention of foreign firms and the industry is expected to benefit from the foreign direct investment (FDI) of more than USD 7 billion by the year 2015.
The Indian textile industry has made its mark in global markets especially in Asian subcontinent which encompasses its rivals like Vietnam, Bangladesh and Cambodia, and is steadily invading the Chinese market that have their retail outlets in India. In the next 26 years the Indian textile exports are expected to quadruple by reaching USD 80 to 100 billion against the present USD 22 billion. To trigger the growth of the industry the Indian government has established four Centres of Excellence (CoEs) that offers excellent services for examining, human resource development and R&D.
2010 Budget Textile Industry Expectations are major reduction in the interest rates of its exports section, clarification of excise and customs taxes, monetary relief and allocation of fiscal incentives of over Rs 130 crores.
| Anumita Kolkata |
| Want relief in taxes and duties |
