Having an industrial promotion and growth index of 1.8 per cent which is far better than what the nation averages, Punjab leads India in textile industry. With incentives provided by the government for people wishing to enter the industry and to those already in it Punjab has risen to be the best among all.
Punjab has been called by many as one of the richest states in India, and all this is due to the ability of the people and their hardworking attitude. Be it agriculture or Industry sector, Punjab has seen the top of it all it still continues to rise not just in the nation but beyond it. Soon Punjab will be known for its textile and Hosiery manufacturing industry. Punjab not just owns the Textile industry, Cycle and Tractor production in Punjab is more than any other state in the nation.
The people take initiative here in Punjab and along with incentives from the state government under Shiromani Akali Dal (SAD) and BJP alliance the state has seen its rise.
Additional chief secretary Industry and Commerce rightly said that Entrepreneurship runs in the blood if Punjabis, and it is this zeal that has now led it to certain heights on the national stage. Manufacturing is done at its best and on the largest scale in the state of Punjab. With efficient labour and machinery Punjab has given itself the edge over other states. Spinning and Hosiery exports are other key elements which make it able for Punjab to top the nation in Textile based industry.
Weaving sector now gets six per cent interest rate rising from the previous five per cent one. Developments in apparel parks along with positive textile policy the state offers various opportunities for investment. It has been recorded that the Average gross Domestic Product of Punjab was around 50.9 Billion USD and a major role here is played by Textile industry alongside Agro based industry.
Yarn, Readymade garments and Hosiery are other emerging segments of the industry. Punjab is a key producer of light engineering goods, automotive components and textiles too. The state of Punjab is above all other states in the industrial promotion growth index, which can be made sure by having a look at the 1.8 per cent of index of industrial growth in Punjab. The national level witnessed just (-) 0.7 per cent.
Textile industry has flourished so in the state, providing employment to many. The incentives by the state government and the centre have been a great reason for the rise of the industry in Punjab. The credit also goes to the skills of the people who have worked towards attaining success in this field.
Ludhiana takes credit for all the industrial growth in the nation, Hosiery and readymade garments are produced here. Ludhiana is the largest exporter of hosiery items in India. These are not just exported to other states of India but also exported abroad. Oswal group in Ludhiana manufactures top brands like Monte Carlo and also garments.
Even the Textiles and Yarn Industry take house in the Ludhiana. Vardhman group is the largest contributor here. JCT fabrics id produces in Phagwara city and Barnala is home to the Trident group, one the very eminent textile manufacturers.