Bundeep Singh Rangar commenting on the government ban of 500 and 1,000 rupee bank notes.
27 January 2016, London and Delhi: Oracle Capital Group, the global independent multi-family office and wealth management company, has signed a memorandum of understanding to form a Joint Venture with IndusView UK Limited, the London-based India advisory firm, and reputed financial services professional Rudra Dalmia to establish their presence in the Indian market.
- 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.