The Indian Industry as a whole has given away a growth which is of positive but comparatively less than the previous year. For instance the Industry registered a growth of 7% in the month of April 2008 as compared to 11% growth registered in the same month of the previous year. In March 2008 industrial growth which was recorded was 3.9% the lowest in past 6 years. The growth slipped due to the sharp downfall in the manufacturing and specifically electrical sector to 7.5% and 1.4% respectively from a high of 12.4% and 8.7% respectively clocked in April 2007.
INDIAN TEXTILE INDUSTRY:
The textile industry holds significant status in the India. Textile industry provides one of the most fundamental necessities of the people. It is an independent industry, from the basic requirement of raw materials to the final products, with huge value-addition at every stage of processing. Today textile sector accounts for nearly 14% of the total industrial output. Indian fabric is in demand with its ethnic, earthly colored and many textures. The textile sector accounts about 30% in the total export. The textile industry is the largest industry in terms of employment economy, expected to generate 12 million new jobs by 2010. It generates massive potential for employment in the sectors from agricultural to industrial. Employment opportunities are created when cotton is cultivated. It does not need any exclusive Government support even at present to go further. Only thing needed is to give some directions to organize people to get enough share of the profit to spearhead development.
Position of the Indian Textile Industry in the World Textile Economy
India contributes 20% to world spindleage capacity, the second highest spindleage in the world after China. It contributes 6% to the world rotorage and 62% to the world loomage. However in High-tech Shuttless Looms this industry’s contribution is only 4.1% to the world Shuttless loomage. 12% to the world