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The textile and handloom sector of India employs as many as 43 million individuals, thus becoming the second largest employment contributor to the rural poor. 

The industry’s growth trajectory remains upwards with strong backing from its organised infrastructure. Support extended from the Indian government through HEPC only ensures its growing performance.

While the sector enjoys a contribution of up to 2.3%, India’s GDP, multiple other factors play in to make it a promising avenue for investment and growth in 2020 and beyond. 

The availability of financing in top-contributing states like a business loan in Maharashtra only improves its chances of sustaining growth.

The prospects of its growth remain strong through crucial predictions like expected increase in foreign direct investment. Further, the CAGR between 2019 and 2021 can reach 28%, thus presenting a healthy outlook for the next two years.

Add to it expected growth in export of up to $300 billion by 2025, and the prospects of a booming textile sector remain high. Essential growth drivers like the ample availability of raw material, presence of skilled workforce and the likes provide for the increase in industry valuation, reaching up to $223 billion by 2021.

While the overall growth in the handloom and textile sector stands substantial, accessible financing as business loans only reinstate the industry’s prospects.