A latest update from Ministry of Textiles stated that India’s textiles sector is set for significant expansion, with an 11% year-on-year growth in Ready-Made Garments (RMG) of all Textiles exports, as per India’s trade data of August 2024, signaling a bright future. The Textiles sector in the country is expected to grow to USD 350 billion by 2030, driven by India’s inherent strengths and a strong policy framework that encourages investment and exports. With end-to-end value chain capability, a strong raw material base, a large export footprint and a vibrant and rapidly expanding domestic market, India is a traditional leader in the textiles sector. The encouraging reports of a number of investment decisions in the pipeline are healthy portents for the industry.
A number of schemes and policy initiatives as part of the government’s roadmap aim to leverage and catalyse these inherent strengths to help the textile sector achieve the USD 350 billion goal by 2030. While over Rs. 90,000 Crore of investment is expected to flow through PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and Production Linked Incentive (PLI) Scheme in the next 3-5 years, schemes like the National Technical Textiles Mission are expected to help India acquire leadership position in emerging sectors such as technical textiles.
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First Published: Oct 10 2024 | 5:46 PM IST
