The Indian textile industry is one of the largest in the world, contributing significantly to India's economy by accounting for 14% of industrial production, 4% of GDP, 17% of export earnings, and providing employment to over 35 million people. The industry has grown since economic liberalization in 1991 and includes various segments like cotton, silk, wool, ready-made garments, and hand-crafted textiles. While India has strengths like raw material resources and low labor costs, weaknesses include labor productivity issues and technology obsolescence.