India's textile market will grow to USD 300 billion: Union Minister Giriraj
Meanwhile, 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.
ANI
Dec 07, 2024 22:03 IST
Hyderabad (Telangana) [India], December 7 (ANI): Union Textile Minister Giriraj Singh said on Saturday that the department has decided that India's textile market will grow to USD 300 billion from the current USD 176 billion.
Giriraj Singh was in Hyderabad to attend 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."
"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," the Union Minister said.
Meanwhile, 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.
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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