Grow fast India in Textile Industry, beat Bangladesh in 2022

Presently India in Textile Industry gives employment to more than 450 lakh people all over country. Isn’t it astounding that this industry has been providing to so many people? Well, hold up, these numbers are gonna change very soon, as the government stated that they will need another 17 million workforces by the end of 2022 for the industry to operate smoothly.

As per the reports, recently 8.58 people are being acquainted through several different as much as 58 government as well as industry associations, to comply with the industry’s requirement for a skilled workforce.

The government is all set to strengthen exports that encompass variations in markets, stimulating collective exports. The textile industry has been growing exponentially in India and is said to overtake Bangladesh in such terms. Together India and Bangladesh can hold approximately 35% of total textile industries across the world.

Approximate Expected Worth

Both the countries had a predetermined target to accomplish which was affected due to the coronavirus pandemic. India in Textile Industry was expected to cross the mark of $82 billion by the end of 2021. While Bangladesh was anticipated to cross the mark of $50 billion by the end of 2021, which has now been revised and set to $33.78 billion.

As per the current scenario, the Indian textile industry holds approximately 5 percent share across the globe. While Bangladesh is just ahead of India in this term as of now, as it holds around 6.8 percent share across the globe in terms of export.

Issues with India In Textile Industry

While talking about boosting the textile industry and its report across the globe. Logistics was found to be another issue for the Indian market. However, problems such as this are being addressed. But, the positive side is that the cargo train movement has begun rapidly and this has helped a lot.

Whereas, other issues are being addressed as said earlier. It is believed that India in Textile Industry is a sleeping giant. And there cannot be any time better than this to wake up and boost the industry and possibly overtake several other countries. As per the reports, it is believed that the Indian textile market can be worth as much as $300 billion by the end of 2025. Moreover, this will create more employment which will help in the all-around growth of the country.

Hope to see the Indian textile market lead in the world. The Indian market has great potential in doing so. Hope you found this content interesting and informative. In case, you feel that any information is not correct do let us know. And we’ll be posting more informative content, so don’t forget to check again and stay updated.

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