Source: Radhakamal Mukerjee, Indian economist, The Foundation of indian Economics, 1916.
For the last few decades there has been a rapid decline of the handwoven cloth industry throughout the country on account of the competition of machine manufactures. Though many still wear clothing made from cloth woven on handlooms, large numbers of handloom weavers have been abandoning their looms. The local textile industry owes its very existence, promotion, and growth to the enterprising spirit of native bankers and investors, who invest large capital as shareholders, investors, and financiers.

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