India’s Textile Industry To Reach $ 350 Bn By 2030: Report

New Delhi, Oct 25 (KNN) The Indian textiles and apparel market is expected to touch USD 350 billion mark by 2030, according to a report released by FICCI-Wazir Advisors.

The market for Indian textiles and apparel manufacturers is likely to touch this mark on the back of long-term positive outlook for the Indian economy and a strong focus on emerging areas like technical textiles, home furnishing, specialised fabrics and fashion apparels, the report said.

It noted that Indian textile and apparel market size was around USD 165 bn in 2022, including the domestic market of USD 125 bn and exports of USD 40 bn. Given the long-term positive outlook, the market size is projected to grow at a 10 per cent CAGR to reach USD 350 billion by 2030.

Ashwin Thakkar, Vice President, Textile Association of India said, “Despite this being an El-Nino year, India’s cotton production is expected to be good though prospects for cotton production in the US are bleak. This can be a big opportunity for India to capture a greater share in the international market.”

The FICCI-Wazir Advisors report points out that export competitiveness, attaining manufacturing excellence, strengthening the textile value chain, embracing sustainable practices and circular economy, and leveraging government schemes are the key enablers to attain the target, reported FE.

It also emphasises on automation and digitalization to improve processes and efficiency levels; bringing strong focus on people and skill development, starting leveraging FTAs to tap new markets; developing capabilities and building capacities in synthetic textiles and technical textiles and adopting global best practices for manufacturing excellence.

Commenting on the challenges being faced by the industry, Thakkar said, “We are too dependent on other countries for high performance and high speciality fibres. We need to start manufacturing them domestically so the import dependence can be reduced and we can export those products to other countries also”

(KNN Bureau)