Blitz Bureau
NEW DELHI: The Indian textile industry has the potential to become a $300 billion industry by 2030, with $100 billion coming from exports, the Government said on September 4.
The Indian textile industry is currently estimated to be worth $175 billion, including exports of $38-40 billion.
According to Pabitra Margherita, Minister of State of Textiles and External Affairs, the domestic textile industry is becoming a driving force of India’s GDP.
Speaking at the Assocham’s Global Textile Sustainability Summit, Pabitra underscored the importance of sustainability in the textile industry, and outlined a vision for India to lead in sustainable textiles while inspiring global responsibility.
Advocating for collaboration and innovation to achieve a sustainable textile industry, Pabitra stressed that growth should align with social responsibility and economic inclusivity.
“India’s textile sector presents unique opportunities to establish new standards for sustainability. It is essential that sustainability guides our progress, ensuring that the industry not only succeeds but also positively impacts the planet,” the minister told the gathering.
According to Rohit Kansal, Additional Secretary, Ministry of Textiles, four big trends that are driving this sector are uninterrupted growth of around CAGR of 8 per cent for domestic textile sector, digitisation, automation and AI.
Additionally, policy interventions like the production-linked incentive (PLI) scheme, PM Mega Integrated Textile region and Apparel (PM MITRA) parks, National Technical Textile Mission (NTTM) and strategic trade agreements have paved the way for creating top-notch infrastructure, promoting investment, and generating employment opportunities within the textile sector.
