Since the 1990s, the business environment in India has changed. The economy is exposed to a greater degree of external competition, more liberal trade and investment policies, and improvement in the balance of payments and foreign exchange positions. The liberalization has stimulated a wave of modernization and development within the country's textiles industry too.
The textile and garment industry currently accounts for about 20% of India's total exports. India is a major sourcing hub for Home Textiles & Furnishings for global companies like Ikea, Wal-Mart, JC Penny and many other Big Companies.
The Textile sector is expected to expand even further following the expiration of the global textile quota system in December 2004. India expects to capitalize on its strong multi-fiber base, large production of cotton, Polyester & Wool Yarn. Low-cost manpower and presence across the entire value chain of the textile industry.
The talented craftsmen are versatile as well as varied. With the passage of time the artists have successfully retained the indigenousness of their skills and at the same time have redefined them. The collection seems like the craftsmen have extracted the energy from nature and transcended that energy into an art form
It also has a focus on value-added products. The challenge is to consolidate the industry, which will result in economies of scale and resources becoming available for capital investment which has started recently with 8-9 % Growth in Economy is touching, and as many companies also coming in India for their Manufacturing Units and their Expansion in India its no Surprise you see India as New Emerging power in Textiles, Exports and Many other sectors.
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