Apparel & Textiles
The Indian textiles and apparels industry is one of the oldest industries in India having evolved from a domestic small scale industry to one of the largest in the world with a massive raw material and textiles manufacturing base. It is also one of the largest and most important sectors of the Indian Economy in terms of output, foreign exchange earnings and employment thus contributing greatly to the exchequer. Given its potential to boost manufacturing, this study focuses on the textiles and apparels industry and discusses how it can contribute to the government’s “Make in India” initiative ,It is the largest employer generator in the country after agriculture. The total textile exports of the country stand at 36.6 billion USD. We at Millennial Chamber of Commerce have realised the need for a separate body dealing specifically in matters related to the stakeholders in the textile industry, primarily various issues related to the industry, Especially GST, Power, Raw etc and to work closely with the concerned govt authorities.
The textile industry in India is the largest and the oldest in the world. With abundant availability of raw materials such as cotton, wool, silk, and jute as well as skilled workforce, India offers a favourable market for global retail brands. India, based on its cost-advantage, diverse traditions in textiles and robust supply chain, is capable of delivering high-quality packaged products across the world. The Government has taken several strategic steps to promote entrepreneurship and investments into the sector, such as introducing export promotion policies, allowing 100% FDI in the sector under the automatic route and launching Technology Mission on Technical Textiles (TMTT) amongst others. Further, the proposed National Textiles Policy aims to create millions of new jobs by augmenting investments by foreign companies.