From fashion to home décor, the textile industry is an essential and famous one and is primarily concerned with the design, production and distribution of yarn, cloth and clothing. Now, this industry is basically either producing outputs from the raw materials that are either natural or synthetic using products of the chemical industry. The Indian textile industry is diverse and has been existing from a long period and traditional after agriculture is also the only industry that has generated huge employment for both skilled and unskilled labour in textiles. The textile industry continues to be the second-largest employment generating sector in India. It offers direct employment to over 35 million in the country.
India produces a large number of different fibres, highest being cotton, it also produces jute, silk, wool, hemp, linen, the natural fibres and nylon and rayon, the man-made ones as well. All these form different industries which are depended on different industries like agriculture, animal husbandry, mining of metals and minerals, chemical research etc.
Well, what are its growth drivers or the reason why one can do business and earn profit in the Indian textile industry is these facts:
There is an abundance of raw material
There are entire value chains present
India has competitive manufacturing costs
Like any other industry, there is the availability of skilled manpower
You are provided with a diverse and growing domestic market
There is a rising per capita income, higher disposable incomes and preferences for brands
Last but not least, of course, is the presence of an organized retail landscape & e-Commerce
The Textile industry is concerned with the design, production and distribution or marketing of yarn, Fabrics or ready-made clothing.
Covering everything we wear, to the bed sheets and other textiles we use daily, this industry has many business opportunities which can be profitable for new and aspiring entrepreneurs. Have a Look: