Question
Why the textile industry occupies unique position in the Indian economy?
Solution
The textile industry occupies unique position in the Indian economy because:
(i)It contributes significantly to industrial production (14 per cent), employment generation (35 million persons directly – the second largest after agriculture) and foreign exchange earnings (about 24.6 per cent).
(ii)It contributes 4 per cent towards GDP.
(iii)It is the only industry in the country, which is self-reliant and complete in the value chain i.e., from raw material to the highest value added products.
(i)It contributes significantly to industrial production (14 per cent), employment generation (35 million persons directly – the second largest after agriculture) and foreign exchange earnings (about 24.6 per cent).
(ii)It contributes 4 per cent towards GDP.
(iii)It is the only industry in the country, which is self-reliant and complete in the value chain i.e., from raw material to the highest value added products.
