ENA Sectors 2025-01-31 16:19:53 <p><span style="font-size:14px"><strong>New Delhi, Jan 31 (KNN)</strong> India maintains its position as a global textile powerhouse, accounting for approximately 11 percent of the nation's manufacturing GVA and serving as a significant source of employment, as announced in Economic Survey 2024-25.</span></p> <p><span style="font-size:14px">The survey notes that while India has traditionally concentrated on cotton textiles, global demand increasingly favours man-made fibres (MMF). This market reality has prompted calls for a strategic shift toward greater MMF production while maintaining the country's strong cotton textile base.</span></p> <p><span style="font-size:14px">In the global textile and apparel trade, India ranks as the sixth-largest exporter, commanding a 4 percent market share, with textiles, apparel, and handicrafts contributing 8 percent to India's total merchandise exports in FY24.</span></p> <p><span style="font-size:14px">The sector has experienced recent fluctuations in export performance. After reaching a peak of USD 44.44 billion in FY22, exports declined to USD 35.87 billion in FY24, slightly down from USD 36.69 billion in FY23.</span></p> <p><span style="font-size:14px">In the technical textiles segment, India has emerged as a significant player, currently ranking fifth globally. The domestic technical textiles market reached USD 26.8 billion in FY24, with exports valued at USD 2.58 billion.</span></p> <p><span style="font-size:14px">The government has implemented various supportive measures, including a Production Linked Incentive (PLI) scheme and quality control regulations covering 68 items across various segments, aimed at strengthening the technical textiles manufacturing ecosystem.</span></p> <p><span style="font-size:14px">The sector's heavy reliance on cotton, contrasting with global preferences for MMF, has affected international competitiveness. Limited foreign direct investment has resulted in technological gaps and dependence on imported machinery.</span></p> <p><span style="font-size:14px">Additionally, a persistent skills gap has impacted productivity and innovation potential. Industry experts emphasise that addressing these challenges is crucial for India to fully realise its potential in the global textile market.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 40869 https://knnindia.co.in/news/newsdetails/sectors/indias-textile-sector-shifting-towards-man-made-fibre-in-tandem-with-global-demand-economic-survey 2025-01-31 16:19:53 knnindia.co.in