The country's textile sector is expected to attract an investment of Rs 1,50,600 crore (Rs 1,506 billion) by the end of 11th plan (2007-2012) and also generate employment opportunities for 17.35 million workforce, according to the Handloom Atlas of India.
The Atlas said the growth of the industry had accelerated to 10 per cent per annum and was expected to reach 16 per cent in the near future.
The textile trade had been contributing about 17 per cent of country's overall export, growing at a compounded average of 10.24 per cent per annum over the last decade.
It was expected to grow 22 per cent and reach $55 billion by 2012, the Atlas, released here recently, said.
It said the textile sector had contributed about four per cent of the GDP, about 14 per cent of total industrial
production, about 21 per cent of the workforce, about 17 per cent of export earnings and about 12 per cent of global production of textile fibres and yarns (including jute).
The Atlas said that India was the only country which produced handloom on a commercial scale. The world's installed capacity of handloom is currently 4.60 million.
In the global scenario of handlooms, India was in number one position with 85 per cent (3.90 million) of the world's installed capacity.
According to development commissioner (handlooms) B K Sinha, the handloom industry produced a staggering variety of clothes and handloom products, with each state having its own specialities, due to the different ethnic traditions as well as craftsmanship.
The readymade garment sector is the country's biggest textile export basket, contributing over 43 per cent of the total textile exports.
The Atlas said the government proposal to set up 30 integrated textile parks was expected to generate an annual production to the tune of Rs 23,600 crore (Rs 236 billion) and create half a million new jobs.
M Britto, chairman, Handloom Export Promotion Council, said the factors that promote India as a favoured destination for textile products included the availability or relatively inexpensive and skilled workforce, design and expertise.
A large production base for raw material like home grown cotton, yarns and fabrics and availability of a wide and exciting range of textiles was another reason, he added.
