India Targets $600 Billion In Textile Exports, $1.8 Trillion Domestic Market by 2047

New Delhi, Apr 8 (KNN) India is working towards an ambitious goal of achieving USD 600 billion in textile exports and a domestic market worth USD 1.8 trillion by 2047.

This target represents a significant increase from the current levels of USD 44 billion in textile exports and a USD 110 billion domestic market in the financial year 2022.

The surge in fast fashion and the growth of e-commerce are expected to drive this remarkable expansion in the textile industry.

The Ministry of Textiles is formulating its Vision 2047 based on five thematic pillars: research & innovation, infrastructure, trade & investment, marketing & brand promotion, skilling & quality, and sustainability.

According to initial discussions, the exports of apparel and made-ups could cross USD 350 billion by 2047, while technical textiles could contribute around USD 85 billion.

For the domestic market, apparels could grow to USD 1.2 trillion, and technical textiles could reach USD 460 billion.

However, the industry has raised concerns about the challenges of raw material availability for achieving the USD 350 billion export target for apparels.

Additionally, there is a need for an investment policy for textiles and a mission-mode plan for supply augmentation.

The Vision 2047 plan includes promoting domestic brands and suppliers as global champions, enhancing the productivity of natural fibres, and promoting indigenous machinery manufacturing.

It also aims to achieve self-reliance in high-tech and high-value exports and establish a self-sustaining indigenous supply chain.

Milestones for 2030 are also being considered, with the domestic market projected to grow to USD 250 billion and exports expected to reach USD 100 billion by that year.

The vision emphasises making India a global leader in sustainable manufacturing, with a 30 per cent share of global recycled fibres and the establishment of a new segment focused on textile recycling and waste management.

Developing textile knowledge hubs and centres of excellence for national technology creation and sharing of intellectual property rights are also being discussed.

(KNN Bureau)