According to the passage, why does the textile industry hold importance to the economy?
Directions: Read the given passage carefully and answer the question that follows.
Since ancient times, India has been well known for its textile goods. During the colonial regime, the traditional textile industry of India had virtually decayed. However, in the early nineteenth century, the modern textile industry took birth in India when the first textile mill was established at Fort Gloster near Calcutta in 1818. It is among one of the industries which were earliest to come into existence in India. This industry provides one of the most basic needs of people and holds importance; maintaining sustained growth for improving the quality of life. It has an image of being a self-reliant industry, from the production of raw materials to the delivery of finished products, with substantial value-addition at each stage of processing, which forms a major contribution to the country's economy. India's textile industry is one of the leading textile industries in the world.