India’s textile industry is growing rapidly

Indian Textile Minister Vaghela said that because the government has adopted appropriate financial and other incentive policies, the Indian textile industry has developed rapidly in the past four years.
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Vaghela said that the government’s biggest achievement is to transform the Indian textile industry from a sunset industry to a sunrise industry in the past four years. Vaghela said that since 2004, investment in India’s textile industry has surged, cotton production has grown rapidly, and exports have increased. The government implements a minimum purchase price system for cotton to stabilize cotton production and protect the long-term interests of cotton farmers and the textile industry. In 2008, the market purchase price of Indian Cotton Co., Ltd. increased by 39-40% compared with 2007. The annual investment in the textile industry reached 100 million rupees from 2004 to 2008, and is expected to reach 150 million rupees by 2012. The textile industry will create 17.3 million new jobs. India’s cotton output reached 31.15 million bales in the 2007-08 fiscal year and will reach a record 32.2 million bales in the 2008-09 fiscal year. India is the world’s second largest cotton producer, exporter and consumer. Cotton accounts for 60% of total fiber consumption and 70% of textile and clothing exports. Cotton yield increased from 400 kilograms per hectare in 2004 to 591 kilograms per hectare in 2008. In the future, the government will continue to support the development of the textile industry by establishing multiple textile industrial parks and related training bases.