Figure 6: (Indian Textiles: Nature & Making, 2024)
India is rich in natural resources and has experienced steady GDP growth of around 5.8% for 20 consecutive years (Fiksel et al., 2021). The service sector is a key part of the country’s economy, with Indian IT companies providing services worldwide. Agriculture plays an important role, providing food and employment for a large part of the population (Kumar et al., 2020). The Indian Textile Corporation is one of the largest textile companies globally, producing everything from fiber to ready-made garments. India is known for its abundance of natural resources, such as cotton, jute, silk, and gold, which are important for both domestic consumption and international exports. Gold, in particular, plays a big role in India’s natural resources, being highly valued and used not only in jewelry but also as a form of investment and cultural symbol (Google Arts & Culture, 2023). Indian fabric designers and weavers are recognized worldwide for their fine craftsmanship (Satish Kumar R, 2018). The balance of payments crisis in 1991 led the government to liberalize the economy, encouraging foreign investment and trade. Some of India’s key natural resources also include mica, diamonds, oil, natural gas, arable land, and chromite.
India has a wide range of indigenous products, like textiles and wooden crafts, which are sold worldwide, especially in the United States. The export of clothing from India has grown significantly due to the variety of products offered, with major retailers such as JC Penney, Target, and Calvin Klein sourcing from India (Satish Kumar R, 2018). The Indian textile market is valued at $16 billion, making up around 6% of the global market. These products appeal to consumers looking for unique and sustainable items. In recent years, India’s economic growth has created a strong consumer market for foreign retailers (Manveer M. & Sang-Eun B., 2011). India’s growing trade relations with countries like Bangladesh and Nepal could help expand its exports to the United States. Collaboration in sustainable fashion between India and Bangladesh could lead to environmentally friendly products. The rise of digital platforms like Amazon and Alibaba has also changed the way companies operate, emphasizing the importance of online business (Khurana, 2022). Additionally, India’s textile exports saw a significant increase in knitwear, with exports growing by 21.94% in 2020-21.
