Textile sector is the 2nd largest employment provider
11 Jul '06
3 min read
The Indian Textile Industry has an overwhelming presence in the economic life of the country. Apart from providing one of the basic necessities of life, the textile industry also plays a pivotal role through its contribution to industrial output, employment generation, and the export earnings of the country.
Currently, it contributes about 14 per cent to industrial production, 4 per cent to the GDP, and 16 per cent to the country's export earnings. It provides direct employment to about 35 million people, which includes a substantial number of SC/STs and women.
The Textile sector is the second largest provider of employment after agriculture. Thus, the growth and all round development of this industry has a direct bearing on the improvement of the economy of the nation.
The achievement in the Textile Sector during the initial two years of the UPA Government has been impressive and path breaking. The Government has reaffirmed its resolve to restructure and add competitiveness to Indian Textiles.
The commitment of the Government is further confirmed as a result of the increase in the Plan Allocation to the Ministry of Textiles, from Rs.878 crore in 2004-05 to Rs. 1349 crore in 2006-07. The UPA Government will continue its efforts to make the Indian Textile Industry occupy a place of pride in the World.
Budget -2006-07 In the Budget 2006-07, the Excise Duty on Man-made Fibre and Filament yarn has been reduced from 16per cent to 8 per cent and Import duty on Man made Fibre and Filament yarn reduced from 15 per cent to 10 per cent.
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