TheAcademy . 11/10/2024 4:51 PM
India’s textiles sector is witnessing a significant resurgence, driven by robust export performance, government initiatives, and expanding market opportunities. As per August 2024 trade data, the sector recorded an impressive 11% year-on-year growth in Ready-Made Garments (RMG) exports, reinforcing India’s position as a major global textile hub. The ambitious target is set to achieve a market size of USD 350 billion by 2030.
1. Strong Performance in RMG Exports
India’s RMG exports have become a cornerstone of the textile industry’s growth. A steady 11% year-on-year increase in August 2024 reflects rising demand in global markets. Indian manufacturers are benefiting from a combination of competitive pricing, enhanced product quality, and global supply chain shifts favoring India.
2. USD 350 Billion Target by 2030
The textiles sector is projected to grow from its current valuation to USD 350 billion by 2030. India’s unique strengths driving this growth include:
End-to-end value chain: India has a complete value chain from raw material production to finished goods.
Strong raw material base: India is one of the largest producers of cotton, jute, and silk.
Large export footprint: India exports to major global markets including the US, Europe, and Asia.
Rapidly expanding domestic market: A growing middle class with increasing demand for high-quality textiles.
1. PM MITRA Parks
The PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks are poised to be game-changers. With an expected investment of Rs. 90,000 crore in the next 3-5 years, seven parks have already been sanctioned. Each park is expected to attract Rs. 10,000 crore, generating 1 lakh direct and 2 lakh indirect jobs.
PM MITRA Park Inauguration: Last month, Prime Minister Narendra Modi laid the foundation stone of the PM MITRA Park at Amaravati, Maharashtra. These parks will provide world-class infrastructure and "plug and play" facilities to transform India into a global textile hub.
2. Production Linked Incentive (PLI) Scheme
The PLI Scheme is designed to increase the production of Man Made Fibers (MMF) apparel, fabrics, and technical textiles. It targets:
An investment of Rs. 28,000 crore
A projected turnover of Rs. 2,00,000 crore
Creation of 2.5 lakh jobs
3. National Technical Textiles Mission
The National Technical Textiles Mission is focused on promoting innovation and research, especially in key areas like:
Geotextiles and agro-textiles
Protective, medical, defense, and sports textiles
Environmentally friendly and sustainable textiles
This mission is crucial for positioning India as a leader in technical textiles, an emerging sub-sector with huge global demand.
In addition to central schemes, states with high growth potential in textiles, such as Gujarat, Maharashtra, Tamil Nadu, and Uttar Pradesh, are introducing state-specific policies. These policies offer financial incentives, skill development programs, and infrastructural support to boost textile manufacturing and exports.
