History of textiles is very ancient, clothing is one of the basic necessities of mankind, and textile industry is labour intensive so it has greater social impact. Wide range of raw materials - genetically modified to engineered ones - and so vast product range is available across the world. With the onset of INTO more countries will become competitors. In the developing countries like India, many units of fabric and garment manufacturing are small scale ones and there is a co-existence of hand woven fabric and non woven fabric New technologies have made it possible to produce specialty high tech fibres, newer yam structures, versatile and quick fabric manufacturing, structural composites suitable for technical textiles. Smart textiles and medical textiles are of great help to us. Computer applications are widely used in manufacturing, fashion designing and in predicting fabric comfort related aspects. Use of microprocessor technology has given chance to closely monitor processes and quality. New machines aim for more productivity with greater degree, of automation. Use of information technology tools have helped to achieve market oriented policy, customer satisfaction and production planning. Textile education can play major role in pushing up modernization and training of human resources. Present paper highlights, use of new technology and innovations in improving manufacturing technique, quality monitoring, market impact. The concept of product development opened new horizons for application of engineering product. Improved processing techniques and eco-friendly chemicals have enhanced enviourmental protection and eco balance.