Over the years the demand for textiles in india has grown in spite of rising prices. How would you reconcile this fact with the law of demand.
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Over the years the demand for textiles in india has grown in spite of rising prices. How would you reconcile this fact with the law of demand.
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The textile industry of India is growing because it is the largest producer of textiles in the world.
- Even though the prices are rising, the customers are willing to buy more from India because of the quality of the products we offer. Even when compared with other countries, India's textile seems cheaper. As a result, there are more international buyers.
- The textile industry of our country is decentralized and has a direct link with the agricultural sector. Due to global warming and COVID, production has gone down. Thus the demand is increasing and the producers are raising the prices.
- As the textiles are less in supply, the demand is increasing, and therefore, this is leading to the hike in price.
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