Driven by India’s inherent strengths and a strong policy framework encouraging investment and exports, the textile sector in India is likely to grow to $350 billion by 2030. Trade data of Aug’24 from the Ministry of Textiles shows, India’s RMG exports will grow by 11 per cent Y-o-Y during this period.
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 Indian government has also launched a number of schemes and policy initiatives to leverage and catalyseits inherent strengths to help the textile sector achieve the targeted $350 billion goal by 2030. The government aims to attract Rs 90,000 crore of investment through PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and Production Linked Incentive (PLI) Schemes in the next 3-5 years. It also aims to focus on schemes like the National Technical Textiles Mission to help India acquire leadership position in emerging sectors such as technical textiles.
