6.Write a note on Synthetic texiles Industry?
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Answer:
Unlike the other sectors of Indian Textile Industry, the India synthetic fiber industry is an organized sector. The main products of the India synthetic fiber industry include man-made fiber and yarn. Indian fabrics are known for their excellent workmanship, colors, and durability. The Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) was set up in 1954, to extend all possible assistance to Indian exporters of synthetic and rayon textiles and to overseas buyers doing business in India.
Answer:
Unlike the other sectors of Indian Textile Industry, the India synthetic fiber industry is an organized sector. The main products of the India synthetic fiber industry include man-made fiber and yarn. Indian fabrics are known for their excellent workmanship, colors, and durability. The Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) was set up in 1954, to extend all possible assistance to Indian exporters of synthetic and rayon textiles and to overseas buyers doing business in India. India has a diverse and rich textiles tradition. Contemporary Indian textiles not only reflect the country’s rich and splendid past but also cater to modern day demands.
Today, India is one of the world’s leading manufacturer of man-made textiles. Indian fabrics are known for their excellent workmanship, colours and durability. Due to heavy investments in world-class manufacturing plants, continuous innovation, new product mix and strategic market expansion, Indian manmade fibres (MMF) are set to take centre stage in the global arena. Textiles industry contribute two per cent to India’s GDP, seven per cent to India’s industrial production and 16 per cent to country’s export and employs more than 18 million people directly and more than 20 million people indirectly.
In FY19, export of manmade staple fibre stood at US$ 572 million. Export of manmade yarn, fabrics and made-ups stood at US$ 4.9 billion, whereas, those for readymade garments of manmade fibres reached US$ 3.85 billion during the same period.
During April-November 2019, export of manmade staple fibre stood at US$ 353.99 million. Export of manmade yarn, fabrics and made-ups reached US$ 3.17 billion, while that of readymade garments of manmade fibres reached US$ 2.32 billion during the same period.
India is second largest world producer of polyester and viscose, but India is ranked sixth in export of Manmade Fibre (MMF) textiles.
The Synthetic and Rayon Textiles Export Promotion Council
The Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) was set up in 1954 to extend all possible assistance to Indian exporters of synthetic and rayon textiles and to overseas buyers with business in India.
In FY20 (till November 2019), export of manmade staple fibres stood at US$ 353.99 million; manmade yarns, fabrics and made-ups at US$ 3.17 billion; and readymade garments from manmade fibres at US$ 2.32 billion.
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