India's overall textiles exports in October up 11.6%, apparels soar 35.1%
India's textile industry is on the brink of expansion, with total textile exports projected to reach USD 65 billion by FY26, according to Invest India, which is the central government's investment promotion and facilitation agency.
ANI
Nov 17, 2024 11:33 IST
New Delhi [India], November 17 (ANI): Textiles exports from India during October were about 11.56 per cent higher at USD 1,833.95 million, compared to the same month last year.
At the same time, apparel exports registered a significant growth of 35.06 per cent during the same period October at USD 1,227.44 million, the Confederation of Indian Textile Industry said in a report, citing government data.
Cumulative exports of textiles and apparel in October 2024 increased by 19.93 per cent compared to October 2023.
During April-October, Indian textiles exports registered a growth of 4.01 per cent over the previous year while apparel exports registered a growth of 11.60 per cent during the same time, data showed.
"We are encouraged by these developments, as they underscore the resilience and competitiveness of India's textile and apparel industry on the global stage," the industry body CITI said in a note.
While the industry body did not give any reason for the export boost, Bangladesh's political instability has likely led to a trade shift to India lately. Bangladesh is a manufacturer of textiles and apparel.
India's textile industry is on the brink of expansion, with total textile exports projected to reach USD 65 billion by FY26, according to Invest India, which is the central government's investment promotion and facilitation agency.
According to Invest India, the domestic textile market, valued at around USD 165 billion in 2022, includes USD 125 billion from domestic sales and USD 40 billion from exports. Projections indicate that the market will grow at a compound annual growth rate (CAGR) of 10 per cent to reach USD 350 billion by 2030.
In addition to its textile achievements, India has emerged as the second-largest manufacturer of personal protective equipment (PPE) globally. With over 600 certified PPE-producing companies, India is well-positioned in a market expected to exceed USD 92.5 billion by 2025, up from USD 52.7 billion in 2019.
The textile industry is also a major employment driver, providing direct jobs to 45 million individuals and an additional 100 million in related sectors. Cotton cultivation alone supports an estimated 6 million farmers and 40-50 million people involved in processing and trade.
India is one of the world's largest producers of textiles and apparel. (ANI)
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