India has abundant raw materials when it comes to textiles. It is the largest producer of cotton, silk jute and textile raw materials like PSF, VSF and PFY. So it is natural that India is also the largest producer of textiles and garments. The textile industry has two broad segments, namely handloom, handicrafts, sericulture, power looms in the unorganised sector and spinning, apparel, garmenting, ready-mades in the organised sector.
Indian textile industry is expected to reach a market size of USD 223 billion by 2021. It is also the largest employer after agriculture providing direct employment of 45 million, a major contributor of foreign exchange. The government of India also takes several initiative like allowing 100% FDI, Technical Up-gradation Fund Scheme (TUFS), technical support through research institutes and easy financing through banks.
Some of the recent initiatives include tying up with online retailers like Flipkart and Snapdeal by the government to promote handloom woven products.
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