Consider the following statements regarding Indian textile industry 1 Ministry of textiles came into...........

Economic Affairs Industrial sectors

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Consider the following statements regarding Indian textile industry.

1. Ministry of textiles came into existence in 1989.

2. The USA and EU together account for about two third of India’s textile exports.

3. The Indian textile contributes about 13% to the industrial production.

Select the correct statement (s) using codes given below

1 and 2

2 and 3

1, 2 and 3

None of above

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Explanation:

All of the above statements are correct.

Textiles industry has made a major contribution to the national economy in terms of direct and indirect employment generation and net foreign exchange earnings.The domestic textiles and apparel industry contributes 2.3% to India’s GDP and accounts for 13% of industrial production, and 12% of the country’s export earnings.

The textiles and apparel industry in India is the second-largest employer in the country providing employment to 45 million people. It is expected that this number will increase to 55 million by 2020.
FDI in the textiles and apparel industry has reached up to $3.1 bn during 2018-19
Exports in the textiles and apparel industry are expected to reach $300 bn by 2024-25 resulting in a tripling of Indian market share from 5% to 15%

Ministry of Textiles came into independent existence in 1989 after its separation from the. Ministry of Commerce.