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Manmade fiber adds two per cent to India’s GDP

The manmade fiber industry contributes two per cent to India’s GDP and provides jobs to over 18 million people directly and more than 20 million indirectly.

Manmade fiber exports contribute 16 per cent to textile and clothing exports from India. The country is the second largest producer of polyester and viscose in the world and exports the entire manmade fiber textile value chain including fiber, yarn, fabrics and made-ups to nearly 140 countries. More than 60 per cent of the exports are of value-added items such as made ups and fabrics. India produces over 1,441 million kg of manmade fibers and over 3,000 million kg of manmade filaments a year. GST on manmade fiber yarns has been reduced from 18 per cent to 12 per cent. Products such as fiber, yarn and fabric in the textile value chain are being strengthened and made competitive.

With an increasing focus on protecting the environment, the demand for manmade fibers as a substitute for cotton is growing globally. Globally, increasing price volatility, durability and sustainability concerns have made leading fashion brands gradually shift the fiber mix in favor of synthetic fibers, especially polyester and viscose. Manmade fabrics dominate global textile fiber consumption with a 72:28 ratio —manmade fabrics 72 per cent and natural fibers 28 per cent.

 
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