Indian Textile Industry free essay sample

Textile IndustryStructure, Problems and Solutions Subject: Term Paper of Organization Management Under Guidance of Dr. Vinayshil Gautam Written By Jaimeen Rana Entry# 2012SMF6890 1 INDEX a) Introduction 3 b) History 3 c) Structure of Indian Textile Industry 3 d) Communication and Effectiveness 4 e) Problems faced by Textile Industry in India 5 f) Steps taken by government till now 7 g) Strategies for growth 8 h) Conclusion 9 i) References 10 2 a) Introduction Indian Textile and Apparel Industry is second largest manufacturer in the world with an estimated export value of US$ 34 billion and domestic consumption of US$ 57 billion. It stands at number two position in generating huge employment for both educated and uneducated labor in India. Over 350 lakh people are employed in this industry in India. 14% of total industrial production is done by this sector. 4% of India’s GDP is obtained by this sector. It contributes 17% to the India’s total export earnings. Top companies in Textile industry in India: Bombay Dyeing Fabindia JCT Limited Welspun India ltd Lakshmi Mills Mysore Silk Factory Arvind Mills Raymonds Reliance Textiles Grasim Industries ) History India’s textile industry evolved and developed at a very early stage and its manufacturing technology was one of the best ones. The government of India has also agreed to the proposals to support the textile industry by approving hundred percent Foreign Direct Investment in the market.Owing to the uprights and instantly incorporated textiles cost sequence (price chain), the Indian textile industry signifies a tough subsistence in the total value chain from raw products to finished products. The Synthetic and Rayon Textile Export Promotion Council (SRTEPC) has taken every required steps to meet the target of doubling the synthetic textile export in India to US $6. 2 billion by grabbing four percent of market share by fiscal year 2011- 2012. Taking into consideration the persistent funds in the textile industry, the Govt. of India may possibly widen the Technology Up gradation Fund Scheme (TUFS) by the end of the 11th Five Year Plan- in the financial year of 2011- 2012 in order to protract the industry. Indian textile industry is extraordinarily providing to meet the targeted production of $ 85 billion in the year of 2011, intending exports of more than $ 50 billion which was in year 2010.There is massive progress foreseen in Indian textile exports from the $ 17 billion accomplished in the year of 2005 -2006 to $ 50 billion by the year of 2009-2010. The assessment for the exports in the current fiscal year is about $ 19billion. There is significant potential in Indias exports of technical textiles and home textiles, as most European businesses desire to set up facilities near- by the emerging markets, such as China and India. So, the future of Indian textile industry is very bright, as it has open up the market for inter national business people.