India’s textile and apparel exports are expected to grow at a compounded annual growth rate (CAGR) of 9 per cent from 2013 to 2023. While men’s wear contributes 42 per cent to the Indian apparel market, women’s wear contributes 38 per cent and kids’ wear 20 per cent. The Rs 21,160 crore domestic home textiles market is expected to grow at a CAGR of 8 per cent to reach Rs 43,970 crores by 2023.

Though garment and textile exports from India have fallen short of the $45 billion target, the government has set a 14 per cent higher export target for the current fiscal. Garment and textile exports grew just five per cent in the last fiscal.

As new garment industries are coming up in Uttar Pradesh, Bihar and the Northeastern states, millions of jobs are expected to be created within there. The government has also simplified guidelines for setting up textile parks. The global textile and apparel trade is expected to grow at a CAGR of five per cent over the next decade. China dominates global textile and apparel exports with a 40 per cent share of made-ups, 37 per cent of apparel, and 39 per cent of fabric.

India, Bangladesh, Vietnam, Turkey, and Pakistan are the other major textile and apparel exporters. The global fabric trade was worth $137 billion in 2013, while the global apparel trade was worth $428 billion. The US, EU, and Japan remain key apparel importers.