Some decades back it was the most unorganized industry but the picture has been totally changed since 1991 after the economic liberalization
. The revolution was so fast that soon the textile industry of India became one of the largest in the world.
Indian textile industry is unique in many ways as one of the leading in the world. Currently it is estimated to be around US$ 52billion and by the year of 2012 it will reach to US$ 115 billion. The current domestic market is US$ 19.14 and that will increase up to US$ 60 billion by the year of 2012. During the year of 2008-2009 the industry had to face adverse agro climatic conditions, it succeeded in producing 290 lakh bales of cotton comparing to 315 lakh bales last year. Still it managed to retain its position as worlds second highest cotton producer. The quality f cotton produced in India is quite compatible to world standards.
With lots of ups and downs the textile industry still occupies a vital place in the Indian economy and contributes significantly to its export earnings. Textiles exports represent nearly 30 percent of the countrys total exports. It obviously has a huge share. The textile industry is one of the leading sectors in the Indian economy as it contributes nearly 14 percent to the total industrial production. The textile industry in India is claimed to be the biggest revenue earners in terms of foreign exchange among all other industrial sectors in India. This industry provides direct employment to around 35million people. This is @ 3% of countrys entire population. Therefore it has made it one of the most advantageous industrial sectors in the country.
There are some benefits offered by Indian Textile Industry: India covers 61 percent of the international textile market. India covers 22 percent of the global market. India is known to be the third largest manufacturer of cotton across the globe. India claims to be the second largest manufacturer as well as provider of cotton yarn and textile in the world. India holds around 25 percent share in the cotton yarn industry in the world. India contributes to around 12 percent of the cotton yarn industry across the globe i.e the production of cotton yarn and textiles.