Elaborate the significance of textile industries on indian GDP
Answers
India’s textiles sector is one of the oldest industries in Indian economy dating back several centuries. Even today, textiles sector is one of the largest contributors to India’s exports with approximately 11 per cent of total exports. The textiles industry is also labour intensive and is one of the largest employers. The textile industry has two broad segments. First, the unorganised sector consists of handloom, handicrafts and sericulture, which are operated on a small scale and through traditional tools and methods. The second is the organised sector consisting of spinning, apparel and garments segment which apply modern machinery and techniques such as economies of scale
The significance of textile industry in india with specific reference to the cotton industry are:
1) it generates employment.
2)provides jobs to cotton ball pluckers.
3) the handspun khadi helps to generate and develop the cottage industries in india.
4)it contributes 4% towards the GDP of the nation.
5) it has huge demands in many countries like Russia , usa,and many european countries thus brings in the much needed foreign exchange and helps develop the economic status of the country.