Union Textile Minister Giriraj Singh announced on Saturday that the Indian textile market is set to grow from its current value of USD 176 billion to USD 300 billion. Singh made the statement during his visit to Hyderabad, where he attended the convocation ceremony of the National Institute of Fashion Technology (NIFT).
Speaking to ANI, he said, “When these NIFT students become entrepreneurs or join any industry then one student provides new employment to 100 people.”
He further added, “The Textile Department has decided that India’s textile market will grow to USD 300 billion from the current USD 176 billion. Last October, exports of textiles rose by 11 per cent and that of garments by 35 per cent. I hope under the leadership of PM Modi we will touch new heights.”
In October, India’s textile exports saw an increase of 11.56 per cent, reaching USD 1,833.95 million compared to the same month last year. Apparel exports experienced a remarkable 35.06 per cent growth, totaling USD 1,227.44 million. The Confederation of Indian Textile Industry reported this data, citing government figures.
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Cumulative textile and apparel exports for October 2024 grew by 19.93 per cent year-on-year. Between April and October, textile exports grew by 4.01 per cent, while apparel exports rose by 11.60 per cent.
India’s textile industry is poised for significant expansion, with projections indicating total textile exports will hit USD 65 billion by FY26, according to Invest India, the government’s investment promotion agency. The domestic textile market, valued at around USD 165 billion in 2022, consists of USD 125 billion from domestic sales and USD 40 billion from exports. This market is expected to grow at a compound annual growth rate (CAGR) of 10 per cent, reaching USD 350 billion by 2030.
In addition to its growing textile sector, India has become the second-largest producer of personal protective equipment (PPE) globally, with over 600 certified PPE manufacturers. The PPE market is expected to surpass USD 92.5 billion by 2025, up from USD 52.7 billion in 2019.
The textile industry is a crucial employment sector in India, directly employing 45 million people and providing jobs to an additional 100 million in related industries. Cotton cultivation alone supports approximately 6 million farmers, with 40-50 million individuals engaged in processing and trade.
India remains one of the world’s largest producers of textiles and apparel.
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