Consider the following statements about Textile sector in India ndash 1 It is the lar...........

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Consider the following statements about Textile sector in India –

1. It is the largest employer after agriculture in India.

2. Its contribution to India’s GDP is around 2.3 %.

3. It faces challenges such as tough competition, uncompetitive tax structure, etc.

Which of the statement given above is / are correct?

1, 2 and 3

1 and 2 only

2 and 3 only

only 1

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Explanation:

The domestic apparel & textile industry in India contributes approx. 2.3 % to the country’s GDP, 13% to industrial production and 12% to exports. India has a 4% share of the global trade in textiles and apparel.

India’s Textiles Exports were highest ever in FY 2021-22, crossing $44 Bn . India is a largest cotton producer (23%) in the world and has the highest area under cotton cultivation (39% of world area). Cotton plays a major role in sustaining the livelihood of an estimated 6.5 Mn cotton farmers.