Particularly noteworthy is the remarkable expansion of the textile industry, which has resulted in a proliferation of job possibilities and has contributed to the maintenance of economic stability. Since its inception in 1991, the textile industry in India has been an important component of the nation’s economy, making it a remarkable example of structural innovation. In addition to being one of the oldest businesses, the textile industry also has a significant role in the national economy since it is responsible for a significant amount of the gross domestic product of the nation. In addition to this, it is responsible for around fifteen percent of the value-added manufacturing, accounts for approximately one-third of our overall export revenues, and offers job opportunities to millions of productive individuals. In addition to this, it is responsible for approximately thirty percent of the overall exports and is the second greatest job producer after agriculture. Government actions have been crucial in developing this sector as a leading contributor and monetary institution, and they have also played a significant part in representing this sector. This blog provides an overview of some of the significant steps that the government has made in recent years to support and develop this sector of the marketplace. •other than authorizing foreign direct investment (FDI) in textiles at a rate of one hundred percent via the automatic method. the government introduced welfare schemes, under which the government provides health and life insurance coverage to 161.10 million weavers and ancillary workers under the hand loom weaver s comprehensive welfare scheme, while 73000artisans were provided health coverage under the rajiv gandhi shilpi swasthya bima yojana. •the credit guarantee program introduced by the government has applied credit cards to more than 25,000 artisans to promote and enable them with necessary supplies. More than 16.5 million applications were received for the purpose of issuing credit cards, and these applications are currently being considered by banks in relation to the credit linkage program. • The government of India has taken an extraordinary step to waive a package of sixty-five million dollars that is still outstanding as a loan on the textile industry. On account of this, it is anticipated that more than 300,000 hand loom weavers in the sector as well as 15,000 cooperative groups would gain. The newly announced forty textile parks that will be located all across the nation and are expected to become operational over the next thirty-six months would, according to projections, result in the employment of more than three hundred thousand textile workers. The garment, silk, technical, textile, carpet, processing, and power loom parks would be included in the many product categories that these parks would produce. With the exception of these systems, a significant emphasis is placed on the development of skills. E-marketing platforms have also been established with the purpose of serving the same purpose.
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