A Study on Growth Rate of the Textile Industry in India Provides Valuable Insights Into its Development and Trends
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The export of textiles from India has shown notable trends, with a significant impact on the nation's economy. Key facets include the diversification of export products, expansion into emerging markets, government initiatives to bolster the sector, increased emphasis on sustainability, and the industry's substantial contributions to employment, foreign exchange earnings, GDP, and value addition. As Indian textile manufacturers strive for higher value-added products and integration into global supply chains, the sector continues to play a pivotal role in economic growth. The study is based on descriptive research methods. The analysis relies on secondary data sourced from academic journals, reports from the Textile Ministry of the Government of India, publications by the Indian Textile and Clothing Exports Association, and various other pertinent private and public reports. Through correlation analysis, the study explores the robust relationship between India's textile exports and the overall exports from the country in recent years. Furthermore, it investigates the influence of India's export conditions on its textile exports globally, revealing a significant correlation between India's textile exports to the United States and its overall exports to the U.S. in the specified period from 2013 – 2023.
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