“Textile ministry along with the finance minister in the Union budget announced several schemes and programs to support and strengthen the industry.”
MSME sector has been a key contributor to India’s GDP and even during the pandemic times, it showed tremendous resilience, helping the economy recover faster from the lockdown market dip. One of the key sectors that have outshone others and registered tremendous growth is the textile and apparel MSMEs. Anurag Singh Khangarot, Co-founder, of Aachho, shares his knowledge of textile MSMEs and how they are creating jobs and employment opportunities in India.
“The textile & apparel industry’s contribution to the country’s GDP is around 5% and in terms of industrial output, the T&A accounts for 7% of the total value, making it one of the most promising industries in India. In fact, the T&A industry in India is one of the largest industries in the world and also the second-largest employer in the country. It has generated approximately 45 million jobs directly and over 60 million jobs in allied industries. There have been multiple driving forces behind the monumental growth of the industry and realizing the full potential of each of these dynamics can help the MSMEs to unlock greater employment opportunities for the Indian workforce,” Anurag Singh Khangarot explained.
“Being the world’s 5th biggest T&A exporter, the industry enjoys a 4% share of the $840 billion global markets. The textile exports accounted for US$ 22.89 billion between April 2021 and October 2021. IBEF also suggests that the T&A exports growing at a solid CAGR of 11% are expected to cross $100 bn in the next 5 years. Increasing the exports not only creates foreign reserves but also opens doors for better employment opportunities in the country. Developing MSMEs in the sector to boost exports can create an additional 75 lakh to 1 crore jobs – which is quite a number taking into consideration that the unemployment rate in India stands at 7%,” he added.
Attribution- Zee Business
