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Indias last three budgets, which can be seen as statement of economic policy, have focused on two major principles: to portray India as an attractive destination for capital, and increase in public spending to raise returns and attract private investors.
Uncertainty has descended upon the $150-billion Indian outsourcing industry in anticipation of the protectionist regime under President Trump. Protectionism has been a popular election rhetoric across nations, and more so in recent times. And the voting masses seem to like it. Will Trumps campaign cry for protectionism cross the boundaries of poetic drama and come alive as laws?
- India is the world's second largest producer of textiles and garments.
- The Indian textiles industry accounts for about 24% of the world’s spindle capacity and 8% of global rotor capacity.
- The potential size of the Indian textiles and apparel industry is expected to reach $223 billion by 2021, according to a report by Technopak Advisors.
- The sector contributes about 14% to industrial production, 4% to the gross domestic product (GDP), and 27% to the country's foreign exchange inflows.
- It provides direct employment to over 45 million people. The textiles sector is the second largest provider of employment after agriculture.
- Textiles exports stood at $28.53 billion during April 2013–January 2014 as compared to $24.90 billion during the corresponding period of the previous year, registering a growth of 14.58%.
- The industry (including dyed and printed) attracted foreign direct investment (FDI) worth $1.11 billion during April 2000 to February 2014.