Slump in demand coupled with higher input prices is taking its toll on textile companies of Gujarat. The demand for textiles and apparels in international market is not expected to grow in coming two years and so, the experts suggest that the industry should focus on domestic market. The domestic market is estimated to grow in double digits in the next four years. On the other hand, textile and apparel exports have come down due to fall in demand in international market. "Next two years will be bad for the textile industry and exports could fare badly. So, the textile industry in Gujarat will have to focus on domestic market.
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The Indian textile industry is one of the largest industries in the world with a massive raw material and textile manufacturing base. Our economy is largely dependent on the textile manufacturing and trade in addition to other major industries. About 27% of the foreign exchange is earned on account of export of textiles and clothing alone. The textiles and clothing sector contributes about 14% to the industrial production and 3% to the gross domestic product of the country. Around 8% of the total excise revenue collection is contributed by the textile industry. Not only this, the textile industry accounts for 21% of the total employment generated in the economy. Around 3.5 crore people are directly employed in the textile manufacturing activities. Number of people getting indirect employment including the manpower engaged in raw-material production through agriculture such as cotton and related trade and handling is believed to be around 6 crore.
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