New Delhi, August 24 (ANI): India’s textile industry is on the brink of expansion, with total textile exports projected to reach USD 65 billion by FY26, according to Invest India.
Invest India posted on X, “PM Modi’s bold ‘#fibretofashion’ vision is guiding the #textileindustry to become a driving force in the global market while bringing competence & technology to local players.”
According to Invest India, the domestic textile market, valued at around USD 165 billion in 2022, includes USD 125 billion from domestic sales and USD 40 billion from exports. Projections indicate that the market will grow at a compound annual growth rate (CAGR) of 10 per cent to reach USD 350 billion by 2030.
In addition to its textile achievements, India has emerged as the second-largest manufacturer of personal protective equipment (PPE) globally. With over 600 certified PPE-producing companies, India is well-positioned in a market expected to exceed USD 92.5 billion by 2025, up from USD 52.7 billion in 2019.
The textile industry is also a major employment driver, providing direct jobs to 45 million individuals and an additional 100 million in related sectors. Cotton cultivation alone supports an estimated 6 million farmers and 40-50 million people involved in processing and trade.
Several factors contribute to the industry’s growth, including India’s world-class infrastructure, a focus on technical textiles driven by demand from sectors such as automotive, healthcare, and infrastructure, and the availability of raw materials and skilled labour. Competitive manufacturing costs and a growing retail landscape, including e-commerce, further enhance the sector’s attractiveness.
To support this growth, the Indian government has introduced the Production Linked Incentive (PLI) Scheme with an allocation of Rs 10,683 crore. This initiative aims to scale up the production of man-made fiber (MMF) apparel, MMF fabrics, and technical textiles. Under the PLI scheme, 64 applications have been approved, involving a proposed investment of Rs 19,798 crore, with a projected turnover of Rs 1,93,926 crore and anticipated employment for 2,45,362 individuals. Investments are notably planned in Madhya Pradesh, Uttar Pradesh, and Rajasthan.
Foreign Direct Investment (FDI) in the textile sector remains robust, with 100 per cent FDI permitted under the automatic route. From April 2000 to March 2024, India has attracted USD 4.47 billion in FDI in textiles, including dyed and printed fabrics.
Currently, India is one of the world’s largest producers of textiles and apparel, contributing approximately 2.3 per cent to the country’s GDP, 13 per cent to industrial production, and 12 per cent to exports.
The country holds a 4 per cent share of global textile and apparel trade, highlighting its substantial role in the international market.
The Indian textile sector is diverse and extensive, with India being the second-largest producer of cotton and jute globally and the second-largest producer of silk. Remarkably, India accounts for 95 per cent of the world’s hand-woven fabric. (ANI)
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