India has emerged as the fastest growing major economy in the world. Backed by its strong democracy and diplomatic relations, it is expected to be one of the top three economic powers of the world over the next 10-15 years. According to the recently released data, the Indian economy expanded by 4.5% year-on-year (y-o-y) basis in the third quarter of 2019, below the 5% growth in the previous period and lower than the market expectations of 4.7%.
India is one of the major players in the agriculture sector worldwide and it is the primary source of livelihood for ~55% of India’s population. India has the world’s largest cattle herd (buffaloes), largest area planted to wheat, rice, and cotton, and is the largest producer of milk, pulses, and spices in the world. It is the second-largest producer of fruit, vegetables, tea, farmed fish, cotton, sugarcane, wheat, rice, cotton, and sugar. Agriculture sector in India holds the record for second-largest agricultural land in the world generating employment for about half of the country’s population. Thus, farmers become an integral part of the sector to provide us with means of sustenance.
Indian spices include a variety of spices grown across the Indian subcontinent (a sub-region of South Asia). With different climates in different parts of the country, India produces a variety of spices, many of which are native to the subcontinent. Others were imported from similar climates and have since been cultivated locally for centuries. Pepper, turmeric, cardamom, and cumin are some examples of Indian spices.
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India has developed export competitiveness in a range of specialized agricultural and related products, making it the world’s 9th largest exporter. In 2021, India realized an $11.8 billion global trade surplus of agricultural and related products. Leading exports consisted of Basmati rice, prawns, shellfish, carabeef, spices, and refined sugar. The Indian textile industry is one of the largest in the world, accounting for 4% of the global textile and apparel trade.
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The Indian textile industry is one of the largest in the world with a massive raw material and textiles manufacturing base. Our economy is largely dependent on the textile manufacturing and trade in addition to other major industries. About 27% of the foreign exchange earnings are on account of export of textiles and clothing alone. The textiles and clothing sector contributes about 14% to the industrial production and 3% to the gross domestic product of the country. Around 8% of the total excise revenue collection is contributed by the textile industry. So much so, the textile industry accounts for as large as 21% of the total employment generated in the economy. Around 35 million people are directly employed in the textile manufacturing activities. Indirect employment including the manpower engaged in agricultural based raw-material production like cotton and related trade and handling could be stated to be around another 60 million.
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One of the main elements of the Indian textile business is the fact that the handlooms and hosiery sector is decentralized and free. The knitting sector also has a valuable contribution to its progress. The Indian textile industry is closely knit with the agriculture sector, for it is dependent on it to get raw materials like cotton and other natural fibers. The business is diverse and has a unique capacity to build products ideal for all types of consumer segments, both within India and abroad.
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